5514-S2 AMS HORN S2587

5514-S2 AMS HORN S2587.2

2SSB 5514 - S AMD 222

By Senators Horn and Spanel

Beginning on page 8, line 1, strike all of sections 5 and 6 and insert the following:

"NEW SECTION. Sec. 5. A new section is added to chapter 35.57 RCW to read as follows:

(1) A public facilities district established in accordance with this chapter shall be dissolved and its affairs liquidated:

(a) When directed by a majority of persons in the district voting on the question. An election placing the question before the voters may be called by resolution of the public facilities district governing authority; or

(b) At such time that the initial debt issued by the district that is secured by the tax authorized in section 4 of this act has been retired.

(2) With dissolution of the public facilities district, any outstanding obligations and bonded indebtedness of the district shall be satisfied or allocated by mutual agreement to the county or counties and component cities of the district.

(3) All assets of the district at the time the district is dissolved under this section becomes the property of the city in which the assets are located, or of the county in which the assets are located if in an unincorporated area.

NEW SECTION. Sec. 6. A new section is added to chapter 36.100 RCW to read as follows:

(1) A public facilities district established in accordance with this chapter after the effective date of this section shall be dissolved and its affairs liquidated:

(b) At such time that the initial debt issued by the district that is secured by the tax authorized in section 4 of this act has been retired.

(2) With dissolution of the public facilities district under this section, any outstanding obligations and bonded indebtedness of the district shall be satisfied or allocated by mutual agreement to the county or counties and component cities of the district.