BILL REQ. #:  Z-0499.1 



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SENATE BILL 5452
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State of Washington61st Legislature2009 Regular Session

By Senators Kauffman, Kohl-Welles, Tom, Delvin, Kline, Honeyford, Kilmer, Jarrett, McCaslin, Fraser, Prentice, Shin, and McDermott

Read first time 01/22/09.   Referred to Committee on Financial Institutions, Housing & Insurance.



     AN ACT Relating to increasing the debt limit of the housing finance commission; and amending RCW 43.180.160.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 43.180.160 and 2008 c 111 s 1 are each amended to read as follows:
     The total amount of outstanding indebtedness of the commission may not exceed ((five)) seven billion dollars at any time. The calculation of outstanding indebtedness shall include the initial principal amount of an issue and shall not include interest that is either currently payable or that accrues as a part of the face amount of an issue payable at maturity or earlier redemption. Outstanding indebtedness shall not include notes or bonds as to which the obligation of the commission has been satisfied and discharged by refunding or for which payment has been provided by reserves or otherwise.

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