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RCW 36.73.070: Authority to issue general obligation bonds, revenue bonds. Page 1 of 1 <br />RCW 36.73.070 <br />Authority to Issue general obligation bonds, revenue bonds. <br />(1) To cant' out the purposes of this chapter and notwithstanding RCW 39.36.020(1), a <br />district may issue general obligation bonds, not to exceed an amount, together with any other <br />outstanding nonvoter -approved general obligation indebtedness, equal to one and one-half <br />percent of the value of taxable property within the district, as the term 'Value of taxable <br />property" is defined in RCW 39,36.015. A district may additionally Issue general obligation <br />bonds for capital purposes only, together with any outstanding general obligation <br />indebtedness, not to exceed an amount equal to fire percent of the value of the taxable <br />property within the district, as the term "value of taxable property" Is defined in RCW <br />39.36.015, when authorized by the voters of the district pursuant to Article VI 11, section S of <br />the state Constitution, and may also provide for the retirement thereof by excess property tax <br />levies as provided in RCW 36.73.060(2). The district may, If applicable, submit a single <br />proposition to the voters that, if approved, authorizes both the issuance of the bonds and the <br />bond retirement property tax levies. <br />(2) General obligation bonds with a maturity in excess of forty years shall not be issued. <br />The governing body of the district shall by resolution determine for each general obligation <br />bond issue the amount, date, terms, conditions, denominations, maximum fled or variable <br />Interest rate or rates, maturity or maturities, redemption rights, registration privileges, manner <br />of execution, manner of sale, callable provisions, if any, covenants, and form, including <br />registration as to principal and interest, registradon as to principal only, or bearer. Registration <br />may include, but not be limited to: (a) A book entry system of recording the ownership of a <br />bond whether or not physical bonds are issued; or (b) recording the ownership of a bond <br />together with the requirement that the transfer of ownership may only be effected by the <br />surrender of the old bond and elther the reissuance of the old bond or the issuance of a new <br />bond to the new owner. Facsimile signatures may be used on the bonds and any coupons. <br />Refunding general obligation bonds may be issued in the some manner as general obligation <br />bonds are issued. <br />(3) Whenever general obligation bonds are issued to fund specific projects or enterprises <br />that generate revenues, charges, user fees, or special assessments, the district may <br />specifically pledge all or a portion of the revenues, charges, user fees, or special assessments <br />to refund the general obligation bonds. The district may also pledge any other revenues that <br />may be available to the district. <br />(4) In addition to general obligation bonds, a district may issue revenue bonds to be issued <br />and sold in accordance with chapter 39.46 RCW. <br />[ 2005 c 336 § 7; 1987 c 327 § 7] <br />NOTES: <br />Effective date -2006 c 336: See note fallowing RCW 38.73.015. <br />You created this PDF from an application that is not licensed to print to novaPDF prinler (http./1www.novapdf_corn} 10/2018 <br />