CERTIFICATION OF ENROLLMENT
ENGROSSED HOUSE BILL 1730
62nd Legislature
2011 Regular Session
Passed by the House March 1, 2011
Yeas 96 Nays 1
Speaker of the House of Representatives
Passed by the Senate April 12, 2011
Yeas 46 Nays 0
CERTIFICATE
I, Barbara Baker, Chief Clerk of
the House of Representatives of the
State of Washington, do hereby
certify
that
the
attached
is
ENGROSSED HOUSE BILL 1730 as passed
by the House of Representatives and
the Senate on the dates hereon set
forth.
Chief Clerk
President of the Senate
Approved
FILED
Secretary of State
State of Washington
Governor of the State of Washington
_____________________________________________
ENGROSSED HOUSE BILL 1730
_____________________________________________
Passed Legislature - 2011 Regular Session
State of Washington
By
62nd Legislature
2011 Regular Session
Representatives Jinkins, Rodne, Haler, and Dunshee
Read first time 02/01/11.
Referred to Committee on Local Government.
1
2
3
AN ACT Relating to the authorization of bonds issued by Washington
local governments; amending RCW 39.46.040, 35.33.131, 35.34.220,
35A.33.130, and 35A.34.220; and creating a new section.
4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
5
6
7
8
9
Sec. 1. RCW 39.46.040 and 1983 c 167 s 4 are each amended to read
as follows:
(1) A local government authorized to issue bonds ((shall)) must
determine for the bond issue its amount, date or dates, terms not in
excess of the maximum term otherwise provided in law, conditions, bond
10
11
12
13
14
15
16
denominations, interest rate or rates, which may be fixed or variable,
interest payment dates, maturity or maturities, redemption rights,
registration privileges, manner of execution, price, manner of sale,
covenants, and form, including registration as to principal and
interest, registration as to principal only, or bearer. Registration
may be as provided in RCW 39.46.030.
17
18
19
(2) If an ordinance or resolution approving the issuance of bonds
authorizes an officer or employee of the local government to serve as
its designated representative and to accept, on behalf of the local
government, an offer to purchase those bonds, the acceptance of the
p. 1
EHB 1730.PL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
offer by the designated representative must be consistent with terms
established by the ordinance or resolution, and with additional
parameters set by the governing body of the local government in the
ordinance or resolution. That ordinance or resolution must establish
the following terms for the bonds or set forth parameters with respect
thereto: The amount, date or dates, denominations, interest rate or
rates (or mechanism for determining interest rate or rates), payment
dates, final maturity, redemption rights, price, minimum savings for
refunding bonds (if the refunding bonds are issued for savings
purposes), and any other terms and conditions deemed appropriate by the
legislative body of the local government.
A county designating a
representative in accordance with this subsection must act in a manner
that is consistent with the approved county debt policy adopted in
accordance with RCW 36.48.070.
Sec. 2. RCW 35.33.131 and 1969 ex.s. c 95 s 19 are each amended to
read as follows:
Moneys received from the sale of bonds or warrants ((shall)) must
be used for no other purpose than that for which they were issued ((and
no expenditure shall be made for that purpose until the bonds have been
duly authorized)).
If any unexpended fund balance remains from the
proceeds realized from the bonds or warrants after the accomplishment
of the purpose for which they were issued it ((shall)) must be used for
the ((redemption of such bond or warrant indebtedness)) payment of
principal of or interest on such indebtedness consistent with
applicable provisions of federal tax law. Where a budget contains an
expenditure program to be partially or wholly financed from a bond
issue to be authorized thereafter, ((no such expenditure shall))
29
30
31
expenditures of amounts anticipated to be reimbursed from the proceeds
of the issuance and sale of such bonds must be made or incurred ((until
after the bonds have been duly authorized)) consistent with any
applicable federal tax law requirements.
32
33
34
35
36
Sec. 3. RCW 35.34.220 and 1985 c 175 s 25 are each amended to read
as follows:
Moneys received from the sale of bonds or warrants ((shall)) must
be used for no other purpose than that for which they were issued ((and
no expenditure shall be made for that purpose until the bonds have been
EHB 1730.PL
p. 2
1
2
3
duly authorized)).
If any unexpended fund balance remains from the
proceeds realized from the bonds or warrants after the accomplishment
of the purpose for which they were issued, it ((shall)) must be used
4
5
6
7
8
9
10
11
12
for the ((redemption of such bond or warrant indebtedness)) payment of
principal of or interest on such indebtedness consistent with
applicable provisions of federal tax law. Where a budget contains an
expenditure program to be partially or wholly financed from a bond
issue to be authorized thereafter, ((no such expenditure shall))
expenditures of amounts anticipated to be reimbursed from the proceeds
of the issuance and sale of such bonds must be made or incurred ((until
after the bonds have been duly authorized)) consistent with any
applicable federal tax law requirements.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Sec. 4. RCW 35A.33.130 and 1967 ex.s. c 119 s 35A.33.130 are each
amended to read as follows:
Moneys received from the sale of bonds or warrants ((shall)) must
be used for no other purpose than that for which they were issued ((and
no expenditure shall be made for that purpose until the bonds have been
duly authorized)).
If any unexpended fund balance remains from the
proceeds realized from the bonds or warrants after the accomplishment
of the purpose for which they were issued it ((shall)) must be used for
the ((redemption of such bond or warrant indebtedness)) payment of
principal of or interest on such indebtedness consistent with
applicable provisions of federal tax law. Where a budget contains an
expenditure program to be partially or wholly financed from a bond
issue to be authorized thereafter, ((no such expenditure shall))
expenditures of amounts anticipated to be reimbursed from the proceeds
of the issuance and sale of such bonds must be made or incurred ((until
29
after the bonds have been duly authorized))
applicable federal tax law requirements.
30
31
32
33
34
35
36
Sec. 5. RCW 35A.34.220 and 1985 c 175 s 54 are each amended to
read as follows:
Moneys received from the sale of bonds or warrants ((shall)) must
be used for no other purpose than that for which they were issued ((and
no expenditure shall be made for that purpose until the bonds have been
duly authorized)).
If any unexpended fund balance remains from the
proceeds realized from the bonds or warrants after the accomplishment
p. 3
consistent
with
any
EHB 1730.PL
1
2
3
of the purpose for which they were issued, it ((shall)) must be used
for the ((redemption of such bond or warrant indebtedness)) payment of
4
5
6
7
8
9
10
principal of or interest on such indebtedness consistent with
applicable provisions of federal tax law. Where a budget contains an
expenditure program to be partially or wholly financed from a bond
issue to be authorized thereafter, ((no such expenditure shall))
expenditures of amounts anticipated to be reimbursed from the proceeds
of the issuance and sale of such bonds must be made or incurred ((until
after the bonds have been duly authorized)) consistent with any
applicable federal tax law requirements.
11
12
13
14
NEW SECTION.
Sec. 6.
All bonds previously issued and any
reimbursements previously made with bond proceeds by any local
government and consistent with the provisions of this act are hereby
validated, ratified, and confirmed.
--- END ---
EHB 1730.PL
p. 4