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ENGROSSED
SENATE BILL 5843
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Passed
Legislature - 1999 Regular Session
State of Washington 56th
Legislature 1999 Regular Session
By
Read first time 02/11/1999.
Referred to Committee on Commerce, Trade, Housing & Financial Institutions.
Concerning
the housing finance commission.
AN
ACT Relating to the housing finance commission; and amending RCW 43.180.070 and
43.180.160.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.180.070 and 1983 c 161 s 7 are each amended to read as follows:
The
commission shall adopt a general plan of housing finance objectives to be
implemented by the commission during the period of the plan. ((The commission
shall adopt a plan no later than December 15, 1983.)) The commission may
exercise the powers authorized under this chapter prior to the adoption of the
initial plan. In developing the plan, the commission shall consider and set
objectives for:
(1)
The use of funds for single-family and multifamily housing;
(2)
The use of funds for new construction, rehabilitation, including refinancing of
existing debt, and home purchases;
(3)
The housing needs of low-income and moderate-income persons and families, and
of elderly or mentally or physically handicapped persons;
(4)
The use of funds in coordination with federal, state, and local housing
programs for low-income persons;
(5)
The use of funds in urban, rural, suburban, and special areas of the state;
(6)
The use of financing assistance to stabilize and upgrade declining urban
neighborhoods;
(7)
The use of financing assistance for economically depressed areas, areas of
minority concentration, reservations, and in mortgage-deficient areas;
(8)
The geographical distribution of bond proceeds so that the benefits of the
housing programs provided under this chapter will be available to address
demand on a fair basis throughout the state;
(9)
The use of financing assistance for implementation of cost-effective energy
efficiency measures in dwellings.
The
plan shall include an estimate of the amount of bonds the commission will issue
during the term of the plan and how bond proceeds will be expended.
The
plan shall be adopted by resolution of the commission following at least one
public hearing thereon, notice of which shall be made by mailing to the clerk
of the governing body of each county and by publication in the Washington State
Register no more than forty and no less than twenty days prior to the hearing.
A draft of the plan shall be made available not less than thirty days prior to
any such public hearing. At least every two years, the commission shall report
to the legislature regarding implementation of the plan.
((Prior
to December 31, 1983, the commission shall submit the plan to the chief clerk
of the house and secretary of the senate for transmittal to and review by the
appropriate standing committees.)) The commission may periodically update
the plan. Proposed changes of the plan shall be submitted to the chief clerk
of the house and secretary of the senate for transmittal to and review by the
appropriate standing committees. This submittal of proposed changes shall
occur at least fourteen days before final adoption of the changes by the commission.
The
commission shall adopt rules designed to result in the use of bond proceeds in
a manner consistent with the plan. ((These rules shall be adopted and in
full force and effect by February 1, 1984.)) The commission may periodically
update its rules.
((The
commission is not required to adopt a plan or rules for the use of the proceeds
of bonds issued prior to February, 1984.)) This section is designed to
deal only with the use of bond proceeds and nothing in this section shall be
construed as a limitation on the commission's authority to issue bonds.
Sec.
2. RCW
43.180.160 and 1996 c 310 s 2 are each amended to read as follows:
The total amount of outstanding indebtedness of the commission may
not exceed ((two)) three 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.
