CERTIFICATION OF ENROLLMENT

                        SENATE BILL 5767

                    Chapter 74, Laws of 1991

                        52nd Legislature

                      1991 Regular Session

PUBLIC UTILITY DISTRICTS‑-BORROWING AND CREDIT LINE AUTHORITY

                    EFFECTIVE DATE:  7/28/91

Passed by the Senate March 13, 1991

  Yeas 45   Nays 0

           ELLEN CRASWELL          

President of the Senate

Passed by the House April 15, 1991

  Yeas 95   Nays 0

              JOE KING             

Speaker of the

       House of Representatives

Approved May 3, 1991

           BOOTH GARDNER           

Governor of the State of Washington

CERTIFICATE

I, Gordon Golob, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5767 as passed by the Senate and the House of Representatives on the dates hereon set forth.

           GORDON A. GOLOB            Secretary

                                     FILED         

                  May 3, 1991 - 10:10 a.m.

                        Secretary of State   

                       State of Washington

                  _______________________________________________

                                 SENATE BILL 5767

                  _______________________________________________

                     Passed Legislature - 1991 Regular Session

State of Washington              52nd Legislature             1991 Regular Session

By Senators Sellar, Pelz and von Reichbauer.

Read first time February 19, 1991.  Referred to Committee on Financial Institutions & Insurance.Permitting public utility districts to borrow from or establish credit with any financial institution.

     AN ACT Relating to public utility districts borrowing or establishing lines of credit with any financial institution; and amending RCW 54.16.070.

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

     Sec. 1.  RCW 54.16.070 and 1984 c 186 s 44 are each amended to read as follows:

     (1) A district may contract indebtedness or borrow money for any corporate purpose on its credit or on the revenues of its public utilities, and to evidence such indebtedness may issue general obligation bonds or revenue obligations; may issue and sell local utility district bonds of districts created by the commission, and may purchase with surplus funds such local utility district bonds, and may create a guaranty fund to insure prompt payment of all local utility district bonds.  The general obligation bonds shall be issued and sold in accordance with chapter 39.46 RCW.  A district is authorized to establish lines of credit or make other prearranged agreements, or both, to borrow money with any financial institution.

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

     Passed the Senate March 13, 1991.

     Passed the House April 15, 1991.

Approved by the Governor May 3, 1991.

     Filed in Office of Secretary of State May 3, 1991.