H-1245              _______________________________________________

                                                    HOUSE BILL NO. 629

                        _______________________________________________

State of Washington                              49th Legislature                              1985 Regular Session

By Representatives Cole, R. King, Ebersole, Scott, Betrozoff, Walker, Taylor, Armstrong, Jacobsen, Basich, Unsoeld, P. King, Leonard, Long, Appelwick, Vekich, Rust, Todd, D. Nelson, Belcher and Barnes

Read first time 2/8/85 and referred to Committee on Local Government. Referred to Committee on Education 2/15/85.

AN ACT Relating to excess levies for capital purposes; and amending RCW 84.52.056.

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

        Sec. 1.  Section 84.52.056, chapter 15, Laws of 1961 as last amended by section 104, chapter 195, Laws of 1973 1st ex. sess. and RCW 84.52.056 are each amended to read as follows:

          Any municipal corporation otherwise authorized by law to issue general obligation bonds for capital purposes may, at an election duly held after giving notice thereof as required by law, authorize the issuance of general obligation bonds for capital purposes only, which shall not include the replacement of equipment, and provide for the payment of the principal and interest of such bonds by annual levies in excess of the tax limitations contained in RCW 84.52.050 to 84.52.056, inclusive and RCW 84.52.043.  ((Such an election shall not be held oftener than twice a calendar year, and the proposition to issue any such bonds and to exceed said tax limitation must receive the affirmative vote of a three-fifths majority of those voting on the proposition and the total number of persons voting at such election must constitute not less than forty percent of the voters in said municipal corporation who voted at the last preceding general state election.))

          Any taxing district shall have the right by vote of its governing body to refund any general obligation bonds of said district issued for capital purposes only, and to provide for the interest thereon and amortization thereof by annual levies in excess of the tax limitations provided for in RCW 84.52.050 to 84.52.056, inclusive and RCW 84.52.043.