BILL REQ. #: H-3840.1

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SUBSTITUTE HOUSE BILL 2317
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State of Washington

62nd Legislature

2012 Regular Session

By House Health Care & Wellness (originally sponsored by Representatives Cody, Jinkins, Dickerson, and Ormsby)

READ FIRST TIME 01/26/12.

AN ACT Relating to financing hospitals by the health care facilities authority; and adding a new section to chapter 70.37 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 70.37 RCW to read as follows:
     (1) The total amount of outstanding indebtedness of the authority with respect to hospital projects may not exceed five billion five hundred million dollars at any time.
     (2) For purposes of this section, the calculation of outstanding indebtedness must include the initial principal amount of an issue and may 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 does not include notes or bonds as to which the obligation of the authority has been satisfied and discharged by refunding or for which payment has been provided by reserves or otherwise.

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