28B.57.040 - Bond anticipation notes, authorized, payment -- Form, terms, conditions, sale and covenants of bonds and notes.

Bond anticipation notes, authorized, payment — Form, terms, conditions, sale and covenants of bonds and notes.

When the state finance committee has determined to issue such general obligation bonds or a portion thereof, it may, pending the issuance thereof, issue in the name of the state temporary notes in anticipation of the issuance of such bonds, which notes shall be designated as "bond anticipation notes". Such portion of the proceeds of the sale of such bonds as may be required for the payment of principal and redemption premium, if any, of and interest on such notes shall be applied thereto when such bonds are issued.

     The state finance committee is authorized to prescribe the form, terms, conditions and covenants of the bonds and/or the bond anticipation notes, the time or times of sale of all or any portion of them, and the conditions and manner of their sale and issuance.

     Each such bond and bond anticipation note shall pledge the full faith and credit of the state of Washington and shall contain an unconditional promise to pay the principal thereof and the interest thereon when due.

[1975 1st ex.s. c 65 § 4.]

Notes: Severability -- 1975 1st ex.s. c 65: See note following RCW 28B.57.010.