35.41.030 - Revenue bonds authorized -- Form, term, etc.

Revenue bonds authorized — Form, term, etc.

If the legislative body of a city or town deems it advisable to purchase, lease, condemn, or otherwise acquire, construct, develop, improve, extend, or operate any land, building, facility, or utility, and adopts an ordinance authorizing such purchase, lease, condemnation, acquisition, construction, development, improvement and to provide funds for defraying all or a portion of the cost thereof from the proceeds of the sale of revenue bonds, and such ordinance has been ratified by the voters of the city or town in those instances where the original acquisition, construction, or development of such facility or utility is required to be ratified by the voters under the provisions of RCW 35.67.030 and 35.92.070, such city or town may issue revenue bonds against the special fund or funds created solely from revenues. The revenue bonds so issued shall:

     (1) Be registered bonds, as provided in RCW 39.46.030, or bearer bonds;

     (2) Be issued in such denominations as determined by the legislative body of the city or town;

     (3) Be numbered from one upwards consecutively;

     (4) Bear the date of their issue;

     (5) Be serial or term bonds and the final maturity thereof shall not extend beyond the reasonable life expectancy of the facility or utility;

     (6) Bear interest at such rate or rates as authorized by the legislative body of the city or town, with interest coupons attached unless such bonds are registered as to interest, in which no case no interest coupons need be attached;

     (7) Be payable as to principal and interest at such place or time as may be designated therein;

     (8) State upon their face that they are payable from a special fund, naming it, and the ordinance creating it, and that they do not constitute a general indebtedness of the city or town;

     (9) Be signed by the mayor and bear the seal of the city or town and be attested by the clerk: PROVIDED, That the facsimile signatures of the mayor and clerk may be used when the ordinance authorizing the issuance of such bonds provides for the signatures thereof by an authenticating officer; and

     (10) Be printed upon good bond paper: PROVIDED, That notwithstanding the provisions of this section, such revenue bonds may be issued and sold in accordance with chapter 39.46 RCW.

[1983 c 167 § 39; 1971 ex.s. c 223 § 2; 1970 ex.s. c 56 § 34; 1969 ex.s. c 232 § 15; 1965 c 7 § 35.41.030. Prior: 1957 c 117 § 3.]

Notes: Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.

Purpose -- 1970 ex.s. c 56: See note following RCW 39.52.020.

Validation -- Saving -- Severability -- 1969 ex.s. c 232: See notes following RCW 39.52.020.