RCW 28B.20.396

University tractBonding authority.

Bonds issued pursuant to the authority granted under RCW 28B.20.395:
(1) Shall not constitute (a) an obligation, either general or special, of the state or (b) a general obligation of the University of Washington or of the board of regents;
(2) Shall be:
(a) Either in bearer form or in registered form as provided in RCW 39.46.030, and
(b) Issued in denominations of not less than one hundred dollars;
(3) Shall state:
(a) The date of issue, and
(b) The series of the issue and be consecutively numbered within the series, and
(c) That the bond is payable only out of a special fund established for the purpose, and designate the fund;
(4) Shall bear interest, payable either annually, or semiannually as the board of regents may determine;
(5) Shall be payable solely out of:
(a) Revenue derived from operating, managing and leasing the university tract, and
(b) A special fund, created by the board of regents for the purpose, consisting either of (i) a fixed proportion, or (ii) a fixed amount out of and not exceeding a fixed proportion, or (iii) a fixed amount without regard to any fixed proportion, of the revenue so derived;
(6) May contain covenants by the board of regents in conformity with the provisions of RCW 28B.20.398(2);
(7) Shall be payable at such times over a period of not to exceed thirty years, in such manner and at such place or places as the board of regents determines;
(8) Shall be executed in such manner as the board of regents by resolution determines;
(9) Shall be sold in such manner as the board of regents deems for the best interest of the University of Washington;
(10) May be issued under chapter 39.46 RCW.
[ 1999 c 346 § 6; 1983 c 167 § 33; 1970 ex.s. c 56 § 25; 1969 ex.s. c 232 § 99; 1969 ex.s. c 223 § 28B.20.396. Prior: 1947 c 284 § 3; Rem. Supp. 1947 § 4566-13. Formerly RCW 28.77.370.]

NOTES:

PurposeConstructionEffective date1999 c 346: See notes following RCW 28B.20.381.
Liberal constructionSeverability1983 c 167: See RCW 39.46.010 and note following.
Purpose1970 ex.s. c 56: See note following RCW 39.52.020.
ValidationSavingSeverability1969 ex.s. c 232: See notes following RCW 39.52.020.