SENATE BILL REPORT

                  SSB 5097

                As Passed Senate, March 2, 1995

Title:  An act relating to preserving port district debt limits.

Brief Description:  Preserving port district debt limits.

Sponsors:  Senate Committee on Government Operations (originally sponsored by Senators Swecker, Snyder, Palmer, Haugen and Winsley).

Brief History:

Committee Activity:  Government Operations:  2/8/95, 2/14/95 [DPS].

Passed Senate, 3/2/95, 48-0.

SENATE COMMITTEE ON GOVERNMENT OPERATIONS

Majority Report:  That Substitute Senate Bill No. 5097 be substituted therefor, and the substitute bill do pass.

  Signed by Senators Haugen, Chair; Sheldon, Vice Chair; Drew, Hale and Winsley.

Staff:  Eugene Green (786-7405)

Background:  In general, unless authorized by the voters, a port district may not contract indebtedness or borrow money in an amount exceeding one-fourth of 1 percent of the value of taxable property.

In 1991, port districts having less than $800 million in value of taxable property were authorized to contract nonvoted authorized indebtedness in an amount not to exceed three-eights of 1 percent of the value of taxable property.  Due to inflation of the value of their taxable property, port districts that are presently using this increased indebtedness will no longer be able to in the future.

Summary of Bill:  Port districts having less than $800 million in value of taxable property in 1991 are authorized to continue to use their increased indebtedness.

Appropriation:  None.

Fiscal Note:  Not requested.

Effective Date:  The bill contains an emergency clause and takes effect immediately.

Testimony For:  This increased indebtedness has greatly helped the Port of Centralia.

Testimony Against:  None.

Testified:  Scott Taylor, WPPA; Bob Thompson, Wendy Paulin, Port of Centralia.