BILL REQ. #: H-3564.1
| State of Washington | 58th Legislature | 2004 Regular Session |
Read first time 01/14/2004. Referred to Committee on Capital Budget.
AN ACT Relating to eliminating a restriction on payment agreements; amending RCW 39.96.010; and repealing RCW 39.96.070.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 39.96.010 and 2000 c 184 s 1 are each amended to read
as follows:
The legislature finds and declares that the issuance by state and
local governments of bonds and other obligations involves exposure to
changes in interest rates; that a number of financial instruments are
available to lower the net cost of these borrowings, or to reduce the
exposure of state and local governments to changes in interest rates;
that these reduced costs for state and local governments will benefit
taxpayers and ratepayers; and that the legislature desires to provide
state and local governments with express statutory authority to take
advantage of these instruments. In recognition of the complexity of
these financial instruments, the legislature desires that this
authority be subject to certain limitations((, and be granted for a
period of twelve years)).
NEW SECTION. Sec. 2 RCW 39.96.070 (Payment agreements not
allowed after June 30, 2005 -- Exception) and 2000 c 184 s 3, 1998 c 245
s 35, 1995 c 192 s 2, & 1993 c 273 s 7 are each repealed.