RCW 39.86.100 Legislative findings and policy. The federal internal revenue code of 1986, as amended imposes ceilings on the aggregate amount of certain types of bonds, including tax-exempt private activity bonds and other types, that may be issued during any calendar year by or on behalf of states and their political subdivisions. The code provides […]
RCW 39.86.110 Definitions. The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) “Agency” means the department of commerce. (2) “Bond use category” means: (a) Any of the following categories of bonds which are subject to the annual state tax-exempt private activity bond ceiling: (i) Housing, (ii) student loans, […]
RCW 39.86.120 Initial allocation. (1) Except as provided in subsections (2) and (4) of this section, the initial allocation of the state ceiling shall be for each year as follows: BOND USE CATEGORY 2010 and THEREAFTER Housing 42.0% Small Issue 25.0% Exempt Facility 20.0% Student Loans 5.0% Public Utility […]
RCW 39.86.130 Criteria. (1) In granting an allocation, reallocation, or carryforward of the state ceiling as provided in this chapter, the agency shall consider existing state priorities and other such criteria, including but not limited to, the following criteria: (a) Need of issuers to issue bonds within a bond use category subject to a state […]
RCW 39.86.140 Procedure for obtaining state ceiling allocation. (1) No issuer may receive an allocation of the state ceiling without a certificate of approval from the agency. The agency may not make an allocation of the state ceiling to an issuer formed or organized under the laws of another state. (2) For each state ceiling […]
RCW 39.86.150 Reallocation process and carryforwards. (1) Beginning July 1st of each calendar year, the agency may allocate or reallocate any portions of the annual state tax-exempt private activity bond ceiling for which no certificate of approval is in effect. Reallocations may also be made from the remainder category at any time during the year. […]
RCW 39.86.155 State bond ceiling allocation formula. Original allocations or any reallocations of state bond ceilings other than the tax-exempt private activity bond ceiling must be determined by formula as provided in the code, or by department rule if no formula is provided in the code. [ 2010 1st sp.s. c 6 § 5.] NOTES: […]
RCW 39.86.160 Executive orders. If federal legislation is enacted or federal regulations are promulgated which affect the state ceiling, when the legislature is not in session or is less than forty-five days from the constitutional end of session, the governor may establish by executive order an alternative system for the allocation of tax exempt bonds […]
RCW 39.86.170 Fees. A fee schedule shall be established by rule by the agency to assist in support of bond allocation activities. Fees shall reflect costs actually incurred or expected to be incurred by the agency in its bond allocation and bond users clearinghouse activities. [ 2010 1st sp.s. c 6 § 10; 1987 c […]
RCW 39.86.180 Code amendments. In order to permit the full use of the authorized state ceiling under federal law, the agency may adopt rules approving any amendments made to the code after May 8, 1987. [ 1987 c 297 § 9.]
RCW 39.86.190 Biennial reports. Beginning in June 2018 and thereafter by June 30th of each even-numbered year, the agency shall submit a biennial report to the legislature summarizing usage of the bond allocation proceeds and any policy concerns for future bond allocations. [ 2016 sp.s. c 18 § 3; 2010 1st sp.s. c 6 § […]
RCW 39.86.905 Captions. As used in this chapter, captions constitute no part of the law. [ 1987 c 297 § 15.]
