28B.20.725 - Additional powers of board -- Issuance of bonds, investments, transfer of funds, etc.

Additional powers of board — Issuance of bonds, investments, transfer of funds, etc.

The board is hereby empowered:

     (1) To reserve the right to issue bonds later on a parity with any bonds being issued;

     (2) To authorize the investing of moneys in the bond retirement fund and any reserve account therein;

     (3) To authorize the transfer of money from the University of Washington building account to the bond retirement fund when necessary to prevent a default in the payments required to be made out of such fund;

     (4) To create a reserve account or accounts in the bond retirement fund to secure the payment of the principal of and interest on any bonds;

     (5) To authorize the transfer to the University of Washington building account of any money on deposit in the bond retirement fund in excess of debt service for a period of three years from the date of such transfer on all outstanding bonds payable out of such fund. However, during the 2009-2011 fiscal biennium, the legislature may transfer to the University of Washington building account moneys that are in excess of the debt service due within one year of the date of transfer on all outstanding bonds payable out of the bond retirement fund.

[2010 1st sp.s. c 36 § 6008; 1969 ex.s. c 223 § 28B.20.725. Prior: 1959 c 193 § 6. Formerly RCW 28.77.545.]

Notes: Effective date -- 2010 1st sp.s. c 36: See note following RCW 43.155.050.

1977 Bond act for the refunding of outstanding limited obligation revenue bonds of institutions of higher education, as affecting: RCW 28B.14C.080 through 28B.14C.130.