Title 39 — Title 39 PUBLIC CONTRACTS AND INDEBTEDNESS
56 chapters · 633 sections in this title.
RCW 39.42.040 Disposition of proceeds from sale of bonds.
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The proceeds of the sale of any bonds shall be used solely for the purposes, including any expense incurred in connection with the issuance and sale of such bonds, specified in the general statute or special act authorizing the issuance of such bonds.[ 1971 ex.s. c 184 s 4.]
RCW 39.42.050 Anticipation notes—Issued, when—Payment of principal and interest.
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When the state finance committee has decided to issue such bonds or a portion thereof, it may, pending the issuing of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be derived from the sale of such bonds, which notes shall be designat…
RCW 39.42.070 Computation of general state revenues—Filing of certificate—Estimate of debt capacity.
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On or after *the effective date of this act, the treasurer shall compute general state revenues for the three fiscal years immediately preceding such date and shall determine the arithmetic mean thereof. As soon as is practicable after the close of each fiscal year thereafter, he…
RCW 39.42.080 Obligations allowable under debt limitation.
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The foregoing limitation on the aggregate amount of indebtedness of the state shall not prevent:(1) The issuance of obligations to refund or replace any such indebtedness existing at any time in an amount not exceeding 1.05 times the amount which, taking into account earnings fro…
RCW 39.42.090 Certificates of indebtedness—Issued, when—Retirement.
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The state finance committee may issue certificates of indebtedness in such sum or sums that may be necessary to meet temporary deficiencies of the treasury. Such certificates may be issued only to provide for the appropriations already made by the legislature and such certificate…
RCW 39.42.100 Evidences of indebtedness—Defects not to affect validity—Copy of resolution authorizing issuance filed—Action to contest before delivery.
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Bonds, notes, or other obligations issued and sold by the state of Washington pursuant to and in conformity with this chapter shall not be invalid for any irregularity or defect in the proceedings of the issuance or sale thereof, except as provided in this paragraph, and shall be…
RCW 39.42.110 Evidences of indebtedness—As negotiable instruments, legal investments, and security for deposits.
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All evidences of indebtedness issued under the provisions of this chapter shall be fully negotiable instruments and shall be legal investment for all state funds or for funds under state control and all funds of municipal corporations, and shall be legal security for all state, c…
RCW 39.42.120 Excess earnings account—Payments to United States treasury.
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The excess earnings account is created in the state treasury. From the revenue funds from which principal and interest payments on bonds are provided, the state treasurer shall periodically transfer to the excess earnings account such amounts as are owed to the federal government…
RCW 39.42.130 Aggregate state debt not to exceed debt limitation—State finance committee duties.
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(1) The state shall not contract any bonds, notes, or other evidences of indebtedness for borrowed money that would cause the aggregate state debt to exceed the debt limitation, as specified in Article VIII, section 1(b) of the state Constitution.(2) It shall be the duty of the s…
RCW 39.42.140 Working debt limit.
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The state finance committee must recommend a working debt limit for purposes of budget development for various purpose capital bond appropriations. Nothing in this section shall in any manner affect the validity of indebtedness incurred in compliance with the provisions of Articl…
RCW 39.42.150 Liquefied natural gas used as marine vessel transportation fuel—Excluded from general state revenues.
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(1) The purpose of eliminating a portion of the sales tax exemption under RCW 82.08.0261 for liquefied natural gas sold for use as a marine vessel transportation fuel is to support the Washington state ferries and other state highway system needs. For this reason, general state r…
RCW 39.42.900 Effective date—1971 ex.s. c 184.
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This act shall become effective coincident with the effective date of the constitutional amendment to Article VIII, section 1 and to Article VIII, section 3 of the Washington state Constitution as presented for a vote of the people by HJR 52, 1971 regular session. Unless such con…
RCW 39.44.070 Life of bonds.
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Notwithstanding the provisions of any charter to the contrary, bonds issued under *RCW 39.44.010 through 39.44.080 may be issued to run for a period up to forty years from the date of the issue and shall, as near as practicable, be issued for a period which shall not exceed the l…
RCW 39.44.100 Facsimile signatures on bonds and coupons.
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On all bonds hereafter issued by the state or any agency thereof or by any county, city, town, municipal corporation, quasi municipal corporation, junior taxing district, school district or other political subdivision of the state, the printed, engraved or lithographed facsimile …
RCW 39.44.101 Facsimile signatures on bonds and coupons—Fraud—Destruction of plates—Penalty.
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Every printer, engraver, or lithographer, who with the intent to defraud, prints, engraves, or lithographs a facsimile signature upon any bond or coupon without written order of the issuing authority, or fails to destroy such plate or plates containing the facsimile signature upo…
RCW 39.44.102 Facsimile signatures on bonds and coupons—Statements and signatures required on registered bonds.
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Where any bond so issued requires registration by the county treasurer, that bond shall bear a statement on the back thereof showing the name of the person to whom sold, date of issue, the number and series of the bond, and shall be signed by the county treasurer in his or her ow…
RCW 39.44.110 Registration—Payment—Assignment.
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Upon the presentation at the office of the officer or agent hereinafter provided for, any bond which is bearer in form that has heretofore been or may hereafter be issued by any county, city, town, port, school district, or other municipal or quasi municipal corporation in this s…
RCW 39.44.120 Payment of coupon interest.
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If so provided in the proceedings authorizing the issuance of any such bonds, upon the registration thereof as to principal, or at any time thereafter, the coupons thereto attached, evidencing all interest to be paid thereon to the date of maturity, may be surrendered to the offi…
RCW 39.44.130 Treasurers as registration officers—Fiscal agent.
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(1) The duties prescribed in this chapter as to the registration of bonds of any city or town shall be performed by the treasurer thereof, and as to those of any county, port or school district by the county treasurer of the county in which such port or school district lies; but …
RCW 39.44.140 Revenue bonds—Funds for reserve purposes may be included in issue amount.
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Any county, city, town, political subdivision, or other municipal or quasi municipal corporation authorized to issue revenue bonds may include in the amount of any such issue funds for the purpose of establishing, maintaining or increasing reserves to:(1) Secure the payment of th…
RCW 39.44.200 State and local government bond information—Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout RCW 39.44.200 through 39.44.240.(1) "Bond" means "bond" as defined in RCW 39.46.020, but also includes any other indebtedness that may be issued by any local government to fund private…
RCW 39.44.210 State and local government bond information—Submittal—Contents—Annual report.
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For each state or local government bond issued, the underwriter of the issue shall supply the department of commerce with information on the bond issue within twenty days of its issuance. In cases where the issuer of the bond makes a direct or private sale to a purchaser without …
RCW 39.44.230 State and local government bond information—Rules.
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The department of commerce may adopt rules and regulations pursuant to the administrative procedure act to require (1) the submission of bond issuance information by underwriters and bond counsel to the department of commerce in a timely manner and (2) the submission of additiona…
RCW 39.44.240 State and local government bond information—Validity of bonds not affected.
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Failure to file the information required by RCW 39.44.210 and 39.44.230 shall not affect the validity of the bonds that are issued.[ 1989 c 225 s 4; 1985 c 130 s 4.]
RCW 39.44.900 Validation—Savings—1982 c 216.
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All bonds, the issuance of which was authorized or ratified at a general or special election held within the issuing jurisdiction prior to April 3, 1982, or the proposition for the issuance of which will be submitted at such an election pursuant to action of the legislative autho…
RCW 39.46.010 Purposes—Liberal construction.
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The purposes of this chapter are to permit the state and local governments to conform with registration requirements of federal law which are necessary to exempt interest payments from federal income taxes when the state or local governments issue bonds or incur other obligations…
RCW 39.46.020 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.(1) "Bond" means any agreement, which may or may not be represented by a physical instrument, including notes, warrants, or certificates of indebtedness, that evidences an…
RCW 39.46.030 Registration system authorized—Requirements—Fiscal agents.
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(1) The state and local governments are authorized to establish a system of registering the ownership of their bonds or other obligations as to principal and interest, or principal only. Registration may include, without limitation: (a) A book entry system of recording the owners…
RCW 39.46.040 Bonds—Issuer to determine amount, terms, conditions, interest, etc.—Designated representative.
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(1) A local government authorized to issue bonds must determine for the bond issue its amount, date or dates, terms not in excess of the maximum term otherwise provided in law, conditions, bond denominations, interest rate or rates, which may be fixed or variable, interest paymen…
RCW 39.46.050 Bonds—Issuer authorized to establish lines of credit.
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Each local government authorized to issue bonds is authorized to establish lines of credit with any qualified public depository to be drawn upon in exchange for its bonds or other obligations, to delegate to its treasurer authority to determine the amount of credit extended, and …
RCW 39.46.060 Bonds—Reproduction of physical instrument.
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Where bonds are issued by the state or a local government as physical instruments, the bonds shall be printed, engraved, lithographed, typed, or reproduced and the manual or facsimile signatures of both a designated officer and chairperson of the governing body or chief executive…
RCW 39.46.070 Bonds—Payment of costs of issuance and sale.
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(1) Except as provided in subsection (2) of this section, the proceeds of any bonds issued by the state or a local government may be used to pay incidental costs and costs related to the sale and issuance of the bonds. Such costs include payments for fiscal and legal expenses, ob…
RCW 39.46.100 RCW 39.46.010 through 39.46.070 constitutes alternative method.
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RCW 39.46.010 through 39.46.070 shall be deemed to provide a complete, additional, and alternative method for the performance of those subjects authorized by these sections and shall be regarded as supplemental and additional to powers conferred by other state laws. Whenever bond…
RCW 39.46.110 Local government general obligation bonds—Indebtedness—Payment—Notice by special district.
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(1) General obligation bonds of local governments shall be subject to this section. Unless otherwise stated in law, the maximum term of any general obligation bond issue shall be forty years.(2) General obligation bonds constitute an indebtedness of the local government issuing t…
RCW 39.46.120 Notice of intent to sell general obligation bonds.
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Notice of intent to sell general obligation bonds at a public sale shall be provided in a reasonable manner as determined by the legislative authority or governing body of the issuer.[ 1984 c 186 s 4.]Notes:Purpose—1984 c 186: See note following RCW 39.46.110.
RCW 39.46.150 Revenue bonds—Alternative method of issuance—Limitations.
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(1) Any local government authorized to issue revenue bonds may issue revenue bonds under this section and RCW 39.46.160. If a local government chooses to issue revenue bonds under this section and RCW 39.46.160, the issue shall be subject to the limitations and restrictions of th…
RCW 39.46.160 Revenue bonds—Alternative method of issuance—Bonds may include reserve funds.
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Any local government issuing revenue bonds under this section and RCW 39.46.150 may include in the amount of any such issue money for the purpose of establishing, maintaining, or increasing reserve funds to:(1) Secure the payment of the principal of and interest on such revenue b…
RCW 39.46.170 Out-of-state issuers—Issuance of bonds for projects within the state.
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(1) It is the policy of this state that in order to maintain an effective system of monitoring the use of federal subsidies within the state, facilities within the state proposed to be financed with bonds issued by an issuer formed or organized under the laws of another state mus…
RCW 39.48.010 Authority conferred.
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Bonds and securities of all kinds heretofore or hereafter authorized, issued by any issuing corporation or district (hereinafter called the "issuer" and as hereinafter specified), whether such bonds and securities be issued for such issuer itself or for any other taxing or assess…
RCW 39.48.020 Amortization—Requirements relaxed.
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It shall be proper to provide with respect to any bonds now required to be amortized as provided by *RCW 39.44.010 through 39.44.080, that such amortized annual maturities shall commence to be payable at any time on or before five years from the date of said bonds, and that any b…
RCW 39.48.030 "Issuer" defined.
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The issuing corporations, districts, and subdivisions hereinbefore referred to and described as "issuer", shall include any county, city, town, school district, port district, metropolitan park district, taxing district, assessment district or any public corporation or municipal …
RCW 39.48.040 Chapter optional.
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It shall be optional with any such issuer, at its discretion, to exercise all or any of the powers conferred by this chapter in connection with the adoption and exercise by any such issuer of the provisions and powers granted by existing law.[ 1933 ex.s. c 30 s 4; RRS s 5583-14.]
RCW 39.50.010 Definitions.
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As used in this chapter, the following terms have the meanings indicated unless the context clearly requires otherwise.(1) "Governing body" means the legislative authority of a municipal corporation by whatever name designated;(2) "Local improvement district" includes local impro…
RCW 39.50.020 Short-term obligations authorized.
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Subject to any applicable budget requirements, any municipal corporation may borrow money and issue short-term obligations as provided in this chapter, the proceeds of which may be used for any lawful purpose of the municipal corporation. Short-term obligations may be issued in a…
RCW 39.50.030 Issuance of short-term obligations—Procedure—Interest rate—Contracts for future sale.
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(1) The issuance of short-term obligations shall be authorized by ordinance of the governing body which ordinance shall fix the maximum amount of the obligations to be issued or, if applicable, the maximum amount which may be outstanding at any time, the maximum term and interest…
RCW 39.50.040 Refunding and renewal of short-term obligations.
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Short-term obligations may, from time to time, be renewed or refunded by the issuance of short-term obligations and may be funded by the issuance of revenue, local improvement district, special assessment, or general obligation bonds. Short-term obligations payable from taxes sha…
RCW 39.50.050 Short-term obligations—Security.
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Short-term obligations issued in anticipation of the receipt of taxes or the sale of general obligation bonds and the interest thereon shall be secured by the full faith, credit, taxing power, and resources of the municipal corporation. Short-term obligations issued in anticipati…
RCW 39.50.060 Nonvoted general indebtedness.
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A municipal corporation may incur nonvoted general indebtedness under this chapter up to an amount which, when added to all other authorized and outstanding nonvoted indebtedness of the municipal corporation, is equal to the maximum amount of indebtedness the municipal corporatio…
RCW 39.50.070 Funds for payment of principal and interest.
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For the purpose of providing funds for the payment of principal of and interest on short-term obligations, the governing body may authorize the creation of a special fund or funds and provide for the payment from authorized sources to such funds of amounts sufficient to meet prin…
RCW 39.50.900 Chapter cumulative—Applicability to joint operating agencies.
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The authority granted by this chapter shall be in addition and supplemental to any authority previously granted and shall not limit any other powers or authority previously granted to any municipal corporation. The authority granted by this chapter to public utility districts org…