_______________________________________________
SUBSTITUTE SENATE BILL NO. 6023
_______________________________________________
AS AMENDED BY THE HOUSE
C 289 L 87
State of Washington 50th Legislature 1987 Regular Session
By Senate Committee on Agriculture (originally sponsored by Senators Hansen, Barr, Fleming and Newhouse)
Read first time 3/5/87.
AN ACT Relating to port industrial bonding; amending RCW 53.40.020; and adding a new section to chapter 53.40 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 53.40 RCW to read as follows:
The port commission of any port district, as security for the payment of the principal of and interest on any revenue bonds issued and any agreements made in connection therewith, may mortgage, pledge, or otherwise encumber the particular industrial development facility or facilities or any part or parts thereof that are being financed by the revenue bonds, whether then owned or thereafter acquired, and may assign any mortgage and repledge any security conveyed to the port district for that particular facility or facilities.
Sec. 2. Section 3, chapter 59, Laws of 1957 as amended by section 2, chapter 183, Laws of 1959 and RCW 53.40.020 are each amended to read as follows:
All such revenue bonds authorized under the terms of this chapter may be issued and sold by the port district from time to time and in such amounts as is deemed necessary by the port commission to provide sufficient funds for the carrying out of all port district powers, and without limiting the generality thereof, shall include the following: Acquisition, construction, reconstruction, maintenance, repair, additions and operation of port properties and facilities, including in the cost thereof engineering, inspection, accounting, fiscal and legal expenses; the cost of issuance of bonds, including printing, engraving and advertising and other similar expenses; payment of interest on the outstanding bonds issued for any project during the period of actual construction and for six months after the completion thereof, and the proceeds of such bond issue are hereby made available for all such purposes. "Port property and facilities," as used in this section, includes facilities for the freezing or processing of agricultural products.