H-3307              _______________________________________________

                                                   HOUSE BILL NO. 2726

                        _______________________________________________

State of Washington                               51st Legislature                              1990 Regular Session

By Representatives Schoon, Cantwell, Brumsickle, Moyer, Raiter, H. Myers, Hargrove, Smith, Nealey, Peery and Cooper

Read first time 1/19/90 and referred to Committee on Trade & Economic Development.

AN ACT Relating to debt funding flexibility for port districts; amending RCW 53.36.030; and declaring an emergency.

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

        Sec. 1.  Section 12, chapter 65, Laws of 1955 as last amended by section 41, chapter 186, Laws of 1984 and RCW 53.36.030 are each amended to read as follows:

          A district may at any time contract indebtedness or borrow money for district purposes and may issue general obligation bonds therefor not exceeding an amount, together with any existing indebtedness of the district not authorized by the voters, of one-fourth of one percent of the value of the taxable property in the district; and, with the assent of ((three-fifths)) a simple majority of the voters voting thereon at a general or special port election called for that purpose, may contract indebtedness or borrow money for district purposes and may issue general obligation bonds therefor provided the total indebtedness of the district at any such time shall not exceed three-fourths of one percent of the value of the taxable property in the district:  PROVIDED FURTHER, That port districts having less than two hundred million dollars in value of taxable property and operating a municipal airport may at any time contract indebtedness or borrow money for airport capital improvement purposes and may issue general obligation bonds therefor not exceeding an additional one-eighth of one percent of the value of the taxable property in the district without authorization by the voters; and, with the assent of ((three-fifths)) a simple majority of the voters voting thereon at a general or special port election called for that purpose, may contract indebtedness or borrow money for airport capital improvement purposes and may issue general obligation bonds therefor for an additional three-eighths of one percent provided the total indebtedness of the district for all port purposes at any such time shall not exceed one and one-fourth percent of the value of the taxable property in the district.  Port districts with a property tax value of less than two hundred fifty million may at any time contract indebtedness or borrow money for district purposes, other than airport capital improvement purposes, and may issue general obligation bonds, not exceeding an amount, together with existing indebtedness of the district not authorized by the voters, of one-half of one percent.  Any district may issue general district bonds evidencing any indebtedness, payable at any time not exceeding fifty years from the date of the bonds.  Such elections shall be held as provided in RCW 39.36.050.

          The term "value of the taxable property" shall have the meaning set forth in RCW 39.36.015.

          Such bonds shall be issued and sold in accordance with chapter 39.46 RCW.

NEW SECTION. Sec. 2.     This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.