Other LanguagesWhen a school district board of directors adopts a resolution pursuant to RCW 28A.530.020, it must identify the maximum amount of indebtedness and maximum term of any bonds to be issued. In addition, the resolution must identify the specific buildings to be affected and must contain such other information as will fairly inform voters of the general nature and extent of the project(s) to be funded.
The legislature could, constitutionally, fund the construction of capital projects by the Washington Public Power Supply System through the issuance of state general obligation bonds; however, unless those bonds were to be authorized by the voters pursuant to Article VIII, § 3 of the state constitution, their issuance would be subject to the constitutional debt limitation established in Article VIII, § 1 of the constitution.
(1) A public utility district is authorized by RCW 54.24.060 to sell its utility revenue obligations in such manner as the board of commissioners shall deem for the best interest of the district; under this statute, based upon an appropriate finding to this effect, utility revenue obligations may be sold privately as an alternative to a public sale following competitive bidding. (2) A public utility district may, pursuant to an appropriate resolution based on findings of benefit to the district, sell a portion of a particular issue of its revenue obligations to its employees by private sale at a rate of interest less than that offered to nonemployee purchasers so long as the employee purchasers are not officers of the district by, through, or under whose supervision the utility revenue obligations in question may have been issued.
(1) Under § 1, chapter 142, Laws of 1969, which establishes the bonding capacity of a school district as being a certain percentage of the "value of the taxable property in such district," the measuring property value is the actual "true and fair" value in money of the property in the district as contrasted with the assessed valuation of such property. (2) In the case of a school district located in a county for which the assessment ratio used by the county assessor for property tax purposes has been and is presently 25% of the true value of the taxable property, the combined effect of (a) § 1, chapter 142, Laws of 1969, and (b) the decision of the state supreme court in Carkonen, et al. v. Williams, et al. , ____ Wn.2d ____ [[76 Wn.2d 617]](September 4, 1969), and accompanying order of the state department of revenue requiring use of a 50% assessment ration as of January 1, 1970, will be to increase such district's bonding capacity by a multiple of four.
Exercising the authority granted to it by RCW 39.84.040 a municipality, in creating a public corporation in connection with the issuance of industrial development revenue bonds under chapter 39.84 RCW, may provide in the ordinance establishing the corporation that one or more positions on its board of directors shall be filled by a member (or members) of its governing body serving ex officio; however, if the number of members of the governing body who are to serve, ex officio, on the board of directors of corporations is less than the total number of members of the governing body, the ordinance should also, itself, state the criteria for determining which members of the governing body are also to serve as directors of the corporation.
Because they are included in the comprehensive plan for social and health service facilities provided for under chapter 130, Laws of 1972, Ex. Sess., capital improvements at the state veterans' home and state soldiers' home may be funded with the proceeds of general obligation bonds issued under that act.
Consideration of the availability of funds received from the sale of bonds authorized by Referendums 29 and 31 for the construction and acquisition of a criminal justice court as contemplated by Senate Bill 2132 and House Bill 168 (1973).
(1) A parks and recreation district is not legally authorized to issue general obligation bonds for the purpose of refunding previously issued revenue bonds although such a district may issue new revenue bonds to refund its earlier bond issue. (2) A parks and recreation district is not legally authorized to use property tax revenues, including those from an excess levy, to retire outstanding revenue bonds previously issued by such a district.
(1) Prior to applying the proceeds derived from the sale of advance refunding bonds to the purposes for which such bonds shall have been issued, those proceeds may be invested in "government obligations" as defined in RCW 39.53.010. (2) Under RCW 39.53.090, the issuer of general obligation bonds issued to refund voter general obligation bonds may increase the principal amount of annual maturities over that of the bonds to be refunded for the purpose of rounding out maturities to the nearest $5,000
Under the constitution and statutes of this state the retained bonded indebtedness of school districts which consolidate must be considered in computing the bonding capacity of the new (consolidated) district.