STATE DEBT LIMITATION

STATE DEBT LIMITATION

Decision of the Supreme Court in the case of State ex rel. Troy v. Yelle, et al., dated April 15, 1950, supersedes conclusions 1 and 2 and all supporting discussion in our opinion of January 19, 1950, relative to registered state warrants.

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                                                                   April 26, 1950

Honorable Tom Martin
State Treasurer
Olympia, Washington                                                                                                              Cite as:  AGO 49-51 No. 262

Dear Sir:

                                                                     ANALYSIS

            On January 19, 1950, this office issued to you an opinion dealing with various phases of the problem of registered state warrants.  The first two questions dealt with in that opinion concerned the relationship of state registered warrants to the constitutional debt limitations contained in Article VIII of the State Constitution.  The opinion contained an extensive discussion supporting the conclusions reached.  Since that opinion was rendered the State Supreme Court has passed upon the meaning of the constitutional debt limit provisions and has held that those provisions contained in Sections 1, 2 and 3 of Article VIII apply only to obligations created by the borrowing of money.  This opinion of the Supreme Court in the case of State ex rel. Troy v. Yelle, et al., filed April 15, 1950, supersedes our opinion of January 19, 1950 [[Opinion No. 49-51-199 to Tom Martin, State Treasurer]], and so much of that opinion supersedes our opinion of January 19, 1950, and so much of that opinion as dealt with the debt limitations contained in Article VIII of the State Constitution is hereby rescinded.  This recision applies to the first two of our conclusions together with all of the discussion supporting those conclusions.  Our conclusions numbered 3, 4, 5, and 6 dealt with other phases of the state's financial problems and have not been superseded by the decision of the court and still represent the opinions of this office.

Very truly yours,

SMITH TROY
Attorney General