RCW 39.110.005 Findings—Purpose. (1) The legislature finds that the issuance of taxable nonrecourse revenue bonds by the Washington economic development finance authority has provided a number of Washington firms with the financing necessary to grow and create jobs. The legislature further finds that municipal authority to issue taxable nonrecourse revenue bonds does not exist and […]
RCW 39.110.010 Definitions. The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) “Authority” means a local economic development finance authority created under this chapter. An authority is a public body within the meaning of RCW 39.53.010. (2) “Board of directors” means the board of directors of an authority. […]
RCW 39.110.020 Economic development finance authority—Creation—Dissolution—Requirements—Penalty. (1) A municipality that formed a public corporation under chapter 39.84 RCW prior to January 1, 2012, may, if that public corporation is still in existence, enact an ordinance creating an economic development finance authority for the purposes authorized in this chapter. The ordinance creating the authority must approve […]
RCW 39.110.030 Lending to authority—Issuance of revenue obligations—Delegation of authority. (1) No municipality may give or lend any money or property in aid of an authority. The municipality that creates an authority must annually review any financial statements of the authority and at all times must have access to the books and records of the […]
RCW 39.110.040 Powers and duties of authority—Economic development activities. (1) An authority established pursuant to this chapter may develop and conduct a program or programs to provide nonrecourse revenue bond financing for the project costs for economic development activities. (2) An authority is authorized to participate fully in federal and other governmental economic development finance […]
RCW 39.110.045 Powers of authority—Generally. In addition to carrying out the economic development finance activities and programs specifically authorized in this chapter, an authority may: (1) Maintain an office or offices; (2) Sue and be sued in its own name, and plead and be impleaded; (3) Engage consultants, agents, attorneys, and advisers, contract with federal, […]
RCW 39.110.050 Operating procedures. (1) An authority established pursuant to this chapter must adopt general operating procedures for the authority. The authority must also adopt operating procedures for individual programs as they are developed for obtaining funds and for providing funds to borrowers. These operating procedures must be adopted by resolution prior to the authority […]
RCW 39.110.060 Plan of economic development. (1) Any authority established pursuant to this chapter must adopt a general plan of economic development finance objectives to be implemented by the authority during the period of the plan. The authority may exercise the powers authorized under this chapter prior to the adoption of the initial plan. In […]
RCW 39.110.070 Prohibited practices. Notwithstanding any other provision of this chapter, an authority may not: (1) Give any municipal or state money or property or loan any municipal or state money or credit to or in aid of any individual, association, company, or corporation, or become directly or indirectly the owner of any stock in […]
RCW 39.110.080 Nonrecourse revenue bonds. (1) An authority may issue its nonrecourse revenue bonds in order to obtain the funds to carry out the programs authorized in this chapter. The bonds must be special obligations of the authority, payable solely out of the special fund or funds established by the authority for their repayment. (2) […]
RCW 39.110.090 Bonds—Payment source—Disclosures—Proceeds not public money—Contracting. (1) Bonds issued by an authority established under this chapter are not considered to constitute a debt of the state, of the municipality, or of any other municipal corporation, quasi-municipal corporation, subdivision, or agency of this state or to pledge any or all of the faith and credit […]
RCW 39.110.100 Financing documents with borrowers—Trust—Trust agreement. (1)(a) An authority may enter into financing documents with borrowers regarding bonds issued by the authority that may provide for the payment by each borrower of amounts sufficient, together with other revenues available to the authority, if any, to: (i) Pay the borrower’s share of the fees established […]
RCW 39.110.110 Protection and enforcement of rights of bond owners and trustees—Bonds as securities. (1) Any owner of bonds issued under this chapter by any authority, and the trustee under any trust agreement or indenture, may, either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any of their […]
RCW 39.110.120 Chapter supplemental and additional. This chapter provides a complete, additional, and alternative method for accomplishing the purposes of this chapter and must be regarded as supplemental and additional to powers conferred by other laws. The issuance of bonds and refunding bonds under this chapter need not comply with the requirements of any other […]
RCW 39.110.900 Construction. Insofar as the provisions of this chapter are inconsistent with the provisions of any general or special law, or parts thereof, the provisions of this chapter are controlling. [ 2012 c 193 § 15.]
