FINAL BILL REPORT

                  HB 2779

                          C 48 L 98

                     Synopsis as Enacted

Brief Description:  Extending the Washington economic development finance authority.

Sponsors:  Representatives Dunn and Morris.

House Committee on Trade & Economic Development

Senate Committee on Commerce & Labor

Background:  The Washington Economic Development Finance Authority (WEDFA) was created by the Legislature in 1989 to help meet the capital needs of small and medium-sized businesses, in particular businesses located in distressed counties.  The WEDFA is authorized to issue nonrecourse revenue bonds to carry out its programs.  The bonds may be issued on either a tax-exempt or taxable basis.  The bonds issued by the WEDFA are not obligations of the state.

The WEDFA may not have more than $250 million in outstanding bond debt at any time, and the authority to issue bonds for its programs expires June 30, 2000.

Summary:  The Washington Economic Development Finance Authority (WEDFA) outstanding bond debt limit is increased from $250 million to $500 million.  The authority to issue bonds for the WEDFA programs is extended from June 30, 2000 to June 30, 2004.

Votes on Final Passage:

House960

Senate420

Effective:June 11, 1998