_______________________________________________
SUBSTITUTE HOUSE BILL NO. 831
_______________________________________________
C 130 L 85
State of Washington 49th Legislature 1985 Regular Session
By House Committee on Local Government (originally sponsored by Representatives Kremen, Isaacson, Smitherman, Crane, McMullen, Brekke, Allen, Lux, Wineberry and Ebersole)
Read first time 3/8/85 and passed to Committee on Rules.
AN ACT Relating to indebtedness; adding new sections to chapter 39.44 RCW; and adding a new section to chapter 43.63A RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 39.44 RCW to read as follows:
Each local government that issues any type of bond, where the state fiscal agency does not act as the bond registrar for the bond issue, shall supply the department of community development with information on the bond issue within thirty days of its issuance. The bond issue information shall be provided on a form prescribed by the department of community development and shall include: (1) The par value of the bond issue; (2) the effective interest rates; (3) a schedule of maturities; (4) the purposes of the bond issue; and (5) the type of bonds that are issued. A copy of the bond covenants shall be supplied with this information.
NEW SECTION. Sec. 2. A new section is added to chapter 39.44 RCW to read as follows:
Whenever the state fiscal agency acts as the bond registrar for a local government which issues any type of bond, the state fiscal agency shall supply the department of community development within thirty days of the issuance with the information on the bond issue that is required to be supplied by a local government pursuant to section 1 of this act.
NEW SECTION. Sec. 3. A new section is added to chapter 39.44 RCW to read as follows:
The department of community development may adopt rules and regulations pursuant to the administrative procedure act to require the submission of additional information on bond issues by local governments, including summaries of outstanding bond issues.
NEW SECTION. Sec. 4. A new section is added to chapter 39.44 RCW to read as follows:
Failure to file the information required by sections 1 through 3 of this act shall not affect the validity of the bonds that are issued.
NEW SECTION. Sec. 5. A new section is added to chapter 39.44 RCW to read as follows:
Unless the context clearly requires otherwise, the definitions in this section apply throughout sections 1 through 5 of this act.
(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 activities or purposes where the indebtedness is of a nonrecourse nature payable from private sources, except obligations subject to chapter 39.84 RCW.
(2) "Local government" means "local government" as defined in RCW 39.46.020.
(3) "Type of bond" includes: (a) General obligation bonds; (b) revenue bonds; (c) local improvement district bonds; (d) special assessment bonds such as those issued by irrigation districts and diking districts; and (e) other classes of bonds.
NEW SECTION. Sec. 6. A new section is added to chapter 43.63A RCW to read as follows:
The department of community development shall retain the bond information it receives under sections 1 through 3 of this act and shall publish summaries of local government bond issues at least once a year.
The department of community development shall adopt rules under chapter 34.04 RCW to implement sections 1 through 3 of this act.