FINAL BILL REPORT

SB 5367

This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent.

C 176 L 11

Synopsis as Enacted

Brief Description: Authorizing the economic development finance authority to continue issuing bonds.

Sponsors: Senators Kastama, Chase, Holmquist Newbry, Shin and Kilmer.

Senate Committee on Economic Development, Trade & Innovation

House Committee on Community Development & Housing

House Committee on Capital Budget

Background: The Washington Economic Development Finance Authority (WEDFA) was established in 1989 to help small- and medium-sized businesses meet their capital needs. It is authorized to issue nonrecourse economic development bonds on both a taxable and tax-exempt basis. WEDFA has operated independent of state financial support since 1996. WEDFA is not to exceed $1 billion in total outstanding debt.

Summary: The limitation on WEDFA's outstanding debt is increased to $1.5 billion.

Votes on Final Passage:

Senate

48

0

House

95

0

Effective:

July 22, 2011.