H-786                _______________________________________________

                                                    HOUSE BILL NO. 831

                        _______________________________________________

State of Washington                              49th Legislature                              1985 Regular Session

By Representatives Kremen, Isaacson, Smitherman, Crane, McMullen, Brekke, Allen, Lux, Wineberry and Ebersole

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

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 agent does not act as the fiscal agent 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 agent acts as the fiscal agent for a local government which issues any type of bond, the state fiscal agent 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:

          Unless the context clearly requires otherwise, the definitions in this section apply throughout sections 1 through 3 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, including obligations authorized by Article XXXII, section 1 of the state Constitution.

          (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; (e) industrial revenue bonds; and (f) other classes of bonds.

NEW SECTION. Sec. 4.  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 and 2 of this act and shall publish summaries of local government bond issues at least every three months.

          The department of community development shall adopt rules under chapter 34.04 RCW to implement sections 1 and 2 of this act.