BP BHEAD INT S

AN ACT Relating to limits on executory conditional sales contracts entered into by local governments; amending RCW 39.30.010, 35A.64.010, and 39.44.210; and adding a new section to chapter 39.30 RCW.

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

Sec. 1. RCW 39.30.010 and 1970 ex.s. c 42 s 26 are each amended to read as follows:

Any ((~~city or town or~~)) metropolitan park district or ((~~county or~~)) library district may execute an executory conditional sales contract with a county or counties, the state or any of its political subdivisions, the government of the United States, or any private party for the purchase of any real or personal property, or property rights in connection with the exercise of any powers or duties which they now or hereafter are authorized to exercise, if the entire amount of the purchase price specified in such contract does not result in a total indebtedness in excess of three-fourths of one percent of the value of the taxable property in such ((~~city or town or~~)) metropolitan park district or ((~~county or~~)) library district: PROVIDED, That if such a proposed contract would result in a total indebtedness in excess of three-fourths of one percent of the value of the taxable property of such ((~~city or town or~~)) metropolitan park district or ((~~county or~~)) library district, as the case may be, a proposition in regard to whether or not such a contract may be executed shall be submitted to the voters for approval or rejection in the same manner that bond issues for capital purposes are submitted to the voters: PROVIDED FURTHER, That any ((~~city or town or~~)) metropolitan park district or ((~~county or~~)) library district may jointly execute contracts authorized by this section, if the entire amount of the purchase price does not result in a joint total indebtedness in excess of three-fourths of one percent of the value of the taxable property in such ((~~city or town or~~)) metropolitan park district or ((~~county or~~)) library district. The term "value of the taxable property" shall have the meaning set forth in RCW 39.36.015.

NEW SECTION. Sec. 2. A new section is added to chapter 39.30 RCW to read as follows:

Any city, town, or county may execute an executory conditional sales contract with a county or counties, the state or any of its political subdivisions, the government of the United States, or any private party for the purchase of any real or personal property, or property rights in connection with the exercise of any powers or duties which they now or hereafter are authorized to exercise, if the entire amount of the purchase price specified in such contract does not result in a total indebtedness in excess of one and one-half percent of the value of the taxable property in such city, town, or county: PROVIDED, That if such a proposed contract would result in a total indebtedness in excess of one and one-half percent of the value of the taxable property of such city, town, or county, as the case may be, a proposition in regard to whether or not such a contract may be executed shall be submitted to the voters for approval or rejection in the same manner that bond issues for capital purposes are submitted to the voters: PROVIDED FURTHER, That any city, town, or county may jointly execute contracts authorized by this section, if the entire amount of the purchase price does not result in a joint total indebtedness in excess of one and one-half percent of the value of the taxable property in such city, town, or county. The term "value of the taxable property" shall have the meaning set forth in RCW 39.36.015.

Sec. 3. RCW 35A.64.010 and 1967 ex.s. c 119 s 35A.64.010 are each amended to read as follows:

A code city may exercise the powers relating to acquisition of real or personal property under executory conditional sales contracts as authorized by ((~~RCW 39.30.010~~)) section 2 of this act.

Sec. 4. RCW 39.44.210 and 1990 c 220 s 2 are each amended to read as follows:

For each state or local government bond issued, the underwriter of the issue shall supply the department of community, trade, and economic development with information on the bond issue within twenty days of its issuance. In cases where the issuer of the bond makes a direct or private sale to a purchaser without benefit of an underwriter, the issuer shall supply the required information. The bond issue information shall be provided on a form prescribed by the department of community, trade, and economic development and shall include but is not limited to: (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; (5) cost of issuance information; and (6) the type of bonds that are issued. A copy of the bond covenants shall be supplied with this information.

For each state or local government bond issued, the issuer's bond counsel promptly shall provide to the underwriter or to the department of community, trade, and economic development information on the amount of any fees charged for services rendered with regard to the bond issue.

Each local government that issues any type of bond shall make a report annually to the department of community, trade, and economic development that includes a summary of all the outstanding bonds of the local government as of the first day of January in that year. Such report shall distinguish the outstanding bond issues on the basis of the type of bond, as defined in RCW 39.44.200, and shall report the local government's outstanding indebtedness compared to any applicable limitations on indebtedness, including RCW 35.42.200, 39.30.010, section 2 of this act, and 39.36.020.