_______________________________________________
HOUSE
BILL 1068
_______________________________________________
Passed
Legislature - 1995 Regular Session
State of Washington 54th
Legislature 1995 Regular Session
By
Read first time 01/11/95.
Referred to Committee on Government Operations.
Preserving port
district debt limits.
AN ACT
Relating to preserving port district debt limits; and amending RCW 53.36.030.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
Sec.
1. RCW
53.36.030 and 1991 c 314 s 29 are each amended to read as follows:
(1)(a)
Except as provided in (b) of this subsection, a port district may at any time
contract indebtedness or borrow money for district purposes and may issue
general obligation bonds therefor not exceeding an amount, together with any
existing indebtedness of the district not authorized by the voters, of
one-fourth of one percent of the value of the taxable property in the district.
(b)
Port districts having less than eight hundred million dollars in value of
taxable property during 1991 may at any time contract indebtedness or
borrow money for port district purposes and may issue general obligation bonds
therefor not exceeding an amount, combined with existing indebtedness of the district
not authorized by the voters, of three-eighths of one percent of the value of
the taxable property in the district. Prior to contracting for any
indebtedness authorized by this subsection (1)(b), the port district must have
a comprehensive plan for harbor improvements or industrial development and a
long-term financial plan approved by the department of community, trade, and
economic development. The department of community, trade, and economic
development is immune from any liability for its part in reviewing or approving
port district's improvement or development plans, or financial plans. Any
indebtedness authorized by this subsection (1)(b) may be used only to acquire
or construct a facility, and, prior to contracting for such indebtedness, the
port district must have a lease contract for a minimum of five years for the
facility to be acquired or constructed by the debt.
(2)
With the assent of three-fifths of the voters voting thereon at a general or
special port election called for that purpose, a port district may contract
indebtedness or borrow money for district purposes and may issue general
obligation bonds therefor provided the total indebtedness of the district at
any such time shall not exceed three-fourths of one percent of the value of the
taxable property in the district.
(3) In
addition to the indebtedness authorized under subsections (1) and (2) of this
section, port districts having less than two hundred million dollars in value
of taxable property and operating a municipal airport may at any time contract
indebtedness or borrow money for airport capital improvement purposes and may
issue general obligation bonds therefor not exceeding an additional one-eighth
of one percent of the value of the taxable property in the district without
authorization by the voters; and, with the assent of three-fifths of the voters
voting thereon at a general or special port election called for that purpose,
may contract indebtedness or borrow money for airport capital improvement
purposes and may issue general obligation bonds therefor for an additional
three-eighths of one percent provided the total indebtedness of the district
for all port purposes at any such time shall not exceed one and one-fourth
percent of the value of the taxable property in the district.
(4)
Any port district may issue general district bonds evidencing any indebtedness,
payable at any time not exceeding fifty years from the date of the bonds. Any
contract for indebtedness or borrowed money authorized by RCW 53.36.030(1)(b) shall
not exceed twenty-five years. The bonds shall be issued and sold in accordance
with chapter 39.46 RCW.
(5)
Elections required under this section shall be held as provided in RCW
39.36.050.
(6)
For the purpose of this section, "indebtedness of the district" shall
not include any debt of a county-wide district with a population less than
twenty-five hundred people when the debt is secured by a mortgage on property
leased to the federal government; and the term "value of the taxable
property" shall have the meaning set forth in RCW 39.36.015.
