S-1007.1                   _______________________________________________

                                                     SENATE BILL 5675

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State of Washington                              53rd Legislature                             1993 Regular Session

By Senators Drew, Loveland, Skratek and Haugen

Read first time 02/08/93.  Referred to Committee on Government Operations.

Concerning the financing of bonds for storm water facilities.

          AN ACT Relating to financing debt for storm water control facilities; and amending RCW 36.89.100.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  RCW 36.89.100 and 1983 c 167 s 100 are each amended to read as follows:

          (1) Any county legislative authority may authorize the issuance of revenue bonds to finance any storm water control facility.  Such bonds may be issued by the county legislative authority in the same manner as prescribed in RCW 36.67.510 through 36.67.570.  Such bonds may be in any form, including bearer bonds or registered bonds as provided in RCW 39.46.030.

          Each revenue bond shall state on its face that it is payable from a special fund, naming such fund and the resolution creating the fund.

          Revenue bond principal, interest, and all other related necessary expenses shall be payable only out of the appropriate special fund or funds.  Revenue bonds shall be payable from the revenues of the storm water control facility being financed by the bonds, a system of these facilities and, if so provided, from special assessments, installments thereof, and interest and penalties thereon, levied in one or more utility local improvement districts authorized by this 1981 act.

          (2) Notwithstanding subsection (1) of this section, such bonds may be issued and sold in accordance with chapter 39.46 RCW.

(3) If bonds are issued pursuant to this chapter for storm water facilities in unincorporated areas of a county, and a portion of the service charge authorized pursuant to this chapter is allocated to pay the debt service on the bonds, notwithstanding the subsequent incorporation or annexation of the area or a portion thereof, that portion of the service charge allocated to the payment of the debt service, whether or not the debt service is specifically financing facilities geographically located within the area annexing or incorporating, shall continue to be collected by the county within the annexed or incorporated area, until the debt is retired by the county, or the annexing or incorporating municipality reimburses the county an amount sufficient to retire that portion of the debt borne by the annexed or incorporated area.

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