AN
ACT Relating to defining nonprofit corporation for purposes of the Washington
state housing finance commission; and amending RCW 43.180.300.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.180.300 and 1990 c 167 s 2 are each amended to read as follows:
As
used in RCW 43.180.310 through 43.180.360, the following terms have the
meanings indicated unless the context clearly requires otherwise.
(1)
"Construction" or "construct" means construction and
acquisition, whether by device, purchase, gift, lease, or otherwise.
(2)
"Facilities" means land, rights in land, buildings, structures,
equipment, landscaping, utilities, approaches, roadways and parking, handling
and storage areas, and similar ancillary facilities.
(3)
"Financing document" means a lease, sublease, installment sale
agreement, conditional sale agreement, loan agreement, mortgage, deed of trust
guaranty agreement, or other agreement for the purpose of providing funds to
pay or secure debt service on revenue bonds.
(4)
"Improvement" means reconstruction, remodeling, rehabilitation,
extension, and enlargement. "To improve" means to reconstruct, to
remodel, to rehabilitate, to extend, and to enlarge.
(5)
"Nonprofit corporation" means a nonprofit ((corporation)) organization
described under section 501(c)(3) of the Internal Revenue Code, or similar
successor provisions.
(6)
"Nonprofit facilities" means facilities owned or used by a nonprofit
corporation for any nonprofit activity described under section 501(c)(3) of the
Internal Revenue Code that qualifies such a corporation for an exemption from
federal income taxes under section 501(a) of the Internal Revenue Code, or
similar successor provisions provided that facilities which may be funded
pursuant to chapter 28B.07, 35.82, 43.180, or 70.37 RCW shall not be included
in this definition.
(7)
"Project costs" means costs of (a) acquisition, construction, and
improvement of any facilities included in a nonprofit facility; (b)
architectural, engineering, consulting, accounting, and legal costs related
directly to the development, financing, and construction of a nonprofit
facility, including costs of studies assessing the feasibility of a nonprofit
facility; (c) finance costs, including discounts, if any, the costs of issuing
revenue bonds, and costs incurred in carrying out any trust agreement; (d)
interest during construction and during the six months after estimated
completion of construction, and capitalized debt service or repair and
replacement or other appropriate reserves; (e) the refunding of any outstanding
obligations incurred for any of the costs outlined in this subsection; and (f)
other costs incidental to any of the costs listed in this section.
(8)
"Revenue bond" means a taxable or tax-exempt nonrecourse revenue
bond, nonrecourse revenue note, or other nonrecourse revenue obligation issued
for the purpose of providing financing to a nonprofit corporation on an interim
or permanent basis.
(9)
"User" means one or more persons acting as lessee, purchaser,
mortgagor, or borrower under a financing document and may include a party who
transfers the right of use and occupancy to another party by lease, sublease,
or otherwise.
