35.104.070 - General indebtedness -- General obligation bonds.

General indebtedness — General obligation bonds.

(1) A local government that creates a health sciences and services authority may incur general indebtedness, and issue general obligation bonds, to finance the grants and other programs and retire the indebtedness in whole or in part from the funds distributed pursuant to RCW 82.14.480 and subject to the following requirements:

     (a) The ordinance adopted by the local government creating the authority and authorizing the use of the excise tax in RCW 82.14.480 indicates an intent to incur this indebtedness and the maximum amount of this indebtedness that is contemplated; and

     (b) The local government includes this statement of the intent in all notices.

     (2) The general indebtedness incurred under this section may be payable from other tax revenues, the full faith and credit of the sponsoring local government, and nontax income, revenues, fees, and rents from the public improvements, as well as contributions, grants, and nontax money available to the local government for payment of costs of the grants and other programs or associated debt service on the general indebtedness.

[2007 c 251 § 7.]

Notes: Captions not law -- Severability -- 2007 c 251: See notes following RCW 35.104.010.