RCW 39.98.010 Finding—School district debt obligation not removed. The legislature finds that implementation of the credit enhancement program provided for in this chapter can provide substantial savings to the taxpayers of the state of Washington with minimal cost or risk to the state government. The guaranty provided by pledging the credit of the state to […]
RCW 39.98.020 Definitions. The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) “Bond” means any voted general obligation bond issued by a school district, holding a certificate issued pursuant to this chapter for such a bond. (2) “Credit enhancement program” means the school district bond guaranty established by […]
RCW 39.98.030 Bonds guaranteed by full faith, credit, and taxing power of the state—Reference to chapter on face of bond conclusively establishes guaranty. (1)(a) The full faith, credit, and taxing power of the state is pledged to guarantee full and timely payment of the principal of and interest on bonds as such payments become due. […]
RCW 39.98.040 Certificate issued by state treasurer evidence of guaranty—Limitations on issuance of guaranteed bonds—Fees. (1)(a) Any district, by resolution of its board of directors, may request that the state treasurer issue a certificate evidencing the state’s guaranty, under this chapter, of its bonds. (b) After reviewing the request, if the state treasurer determines that […]
RCW 39.98.050 Debt service payments—Notifications upon nonpayment—Payments by state treasurer—Repayment. (1)(a) The county treasurer for each district with outstanding, unpaid bonds shall transfer money sufficient for each scheduled debt service payment to its paying agent on or before any principal or interest payment date for the bonds. (b) A county treasurer who is unable to […]
RCW 39.98.060 Reimbursement of state-paid debt service payments—Interest and penalties—Legal actions—Revision of collection of taxes to meet obligations. (1) Any district that has issued bonds for which the state has made all or part of a debt service payment shall: (a) Reimburse all money drawn by the state treasurer on its behalf; (b) Pay interest […]
RCW 39.98.070 Appropriation required. In order to effect the provisions of Article VIII, section 1(e) of the state Constitution, Senate Joint Resolution No. 8206, the legislature shall make provision for such amounts as may be required to make timely payments under the state school district credit enhancement program under this chapter in each and every […]
RCW 39.98.080 Adoption of rules. The state finance committee may adopt, under chapter 34.05 RCW, all rules necessary and appropriate for the implementation and administration of this chapter. [ 1999 c 273 § 8.]
RCW 39.98.900 Contingent effective date—1999 c 273. This act takes effect January 1, 2000, if the proposed amendment to Article VIII, section 1 of the state Constitution, guaranteeing the general obligation debt of school districts, is validly submitted to and is approved and ratified by the voters at the next general election. If the proposed […]
