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HOUSE BILL NO. 1060
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AS AMENDED BY THE SENATE
C 225 L 89
State of Washington 51st Legislature 1989 Regular Session
By Representatives Cooper, Ferguson and Haugen; by request of Department of Community Development
Read first time 1/13/89 and referred to Committee on Local Government.
AN ACT Relating to bond information; amending RCW 39.44.200, 39.44.210, 39.44.230, 39.44.240, and 43.63A.155; and repealing RCW 39.44.220.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. Section 5, chapter 130, Laws of 1985 as amended by section 12, chapter 297, Laws of 1987 and RCW 39.44.200 are each amended to read as follows:
Unless the context clearly requires otherwise, the definitions in this section apply throughout RCW 39.44.200 through 39.44.240.
(1) "Bond" means "bond" as defined in RCW 39.46.020, but also includes any other indebtedness that may be issued by any local government to fund private activities or purposes where the indebtedness is of a nonrecourse nature payable from private sources.
(2) "Local government" means "local government" as defined in RCW 39.46.020.
(3) "Type of bond" includes: (a) General obligation bonds; (b) revenue bonds; (c) local improvement district bonds; (d) special assessment bonds such as those issued by irrigation districts and diking districts; and (e) other classes of bonds.
(4) "State" means "state" as defined in RCW 39.46.020 but also includes any commissions or other entities of the state.
Sec. 2. Section 1, chapter 130, Laws of 1985 and RCW 39.44.210 are each amended to read as follows:
((Each
local government that issues any type of bond, where the state fiscal agency
does not act as the bond registrar for the bond issue,)) For each state
or local government bond issued, the underwriter of the issue shall supply
the department of community development with information on the bond issue
within ((thirty)) twenty days of its issuance. In cases where
the issuer of the bond makes a direct or private sale to a purchaser without
benefit of an underwriter, the issuer shall supply the required information. The
bond issue information shall be provided on a form prescribed by the department
of community development and shall include but is not limited to: (1)
The par value of the bond issue; (2) the effective interest rates; (3) a
schedule of maturities; (4) the purposes of the bond issue; ((and)) (5) cost
of issuance information; and (6) the type of bonds that are issued. A copy
of the bond covenants shall be supplied with this information.
For each state or local government bond issued, the issuer's bond counsel promptly shall provide to the underwriter or to the department of community development information on the amount of any fees charged for services rendered with regard to the bond issue.
Sec. 3. Section 3, chapter 130, Laws of 1985 and RCW 39.44.230 are each amended to read as follows:
The department of community development may adopt rules and regulations pursuant to the administrative procedure act to require (1) the submission of bond issuance information by underwriters and bond counsel to the department of community development in a timely manner and (2) the submission of additional information on bond issues by state and local governments, including summaries of outstanding bond issues.
Sec. 4. Section 4, chapter 130, Laws of 1985 and RCW 39.44.240 are each amended to read as follows:
Failure to
file the information required by RCW 39.44.210 ((through)) and
39.44.230 shall not affect the validity of the bonds that are issued.
Sec. 5. Section 6, chapter 130, Laws of 1985 and RCW 43.63A.155 are each amended to read as follows:
The
department of community development shall retain the bond information it
receives under RCW 39.44.210 ((through)) and 39.44.230 and shall
publish summaries of local government bond issues at least once a year.
The
department of community development shall adopt rules under chapter ((34.04))
34.05 RCW to implement RCW 39.44.210 ((through)) and
39.44.230.
NEW SECTION. Sec. 6. Section 2, chapter 130, Laws of 1985 and RCW 39.44.220 are each repealed.