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SENATE BILL 6425
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Passed Legislature - 1996 Regular Session
State of Washington 54th Legislature 1996
Regular Session
By
Read first time 01/15/96. Referred to Committee
on Government Operations.
Concerning the indebtedness of a
port district.
AN ACT Relating to
public loans to port districts; and amending RCW 53.36.030.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF
WASHINGTON:
Sec. 1. RCW 53.36.030 and 1995 c
102 s 1 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.
(7)
This section does not apply to a loan made under a loan agreement under chapter
39.69 RCW, and a computation of indebtedness under this chapter must exclude
the amount of a loan under such a loan agreement.
