S-2107               _______________________________________________

                                                   SENATE BILL NO. 6023

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Senators Hansen, Barr, Fleming and Newhouse

Read first time 3/2/87 and referred to Committee on Agriculture.

AN ACT Relating to port industrial bonding; and adding a new section to chapter 53.40 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 53.40 RCW to read as follows:

          The port commission of any port district, as security for the payment of the principal of and interest on any revenue bonds issued and any agreements made in connection therewith, may mortgage, pledge, or otherwise encumber any or all of its industrial development facilities or any part or parts thereof, whether then owned or thereafter acquired, and may assign any mortgage and repledge any security conveyed to the port district.