36.100.060 - General obligation bonds -- Termination, reauthorization of excise tax.

General obligation bonds — Termination, reauthorization of excise tax.

(1) To carry out the purpose of this chapter, a public facilities district may issue general obligation bonds, not to exceed an amount, together with any outstanding nonvoter approved general obligation indebtedness, equal to one-half of one percent of the value of taxable property within the district, as the term "value of taxable property" is defined in RCW 39.36.015. A public facilities district additionally may issue general obligation bonds for capital purposes only, together with any outstanding general obligation indebtedness, not to exceed an amount equal to one and one-fourth percent of the value of the taxable property within the district, as the term "value of taxable property" is defined in RCW 39.36.015, when authorized by the voters of the public facilities district pursuant to Article VIII, section 6 of the state Constitution, and to provide for the retirement thereof by excess property tax levies as provided in this chapter.

     (2) General obligation bonds may be issued with a maturity of up to thirty years, and must be issued and sold in accordance with the provisions of chapter 39.46 RCW. If the public facilities district is formed by a county with a population of one million five hundred thousand or more to acquire, own, and operate a convention and trade center, general obligation bonds may be issued with a maturity of up to forty years, and must be issued and sold in accordance with the provisions of chapter 39.46 RCW. In addition to the powers vested in it under RCW 39.46.030, a public facilities district created by a county with a population of one million five hundred thousand or more to acquire, own, and operate a convention and trade center may appoint, and may specify the rights and duties of, trustees with respect to its bonds, and such trustees may receive, hold, disburse, invest, and reinvest funds on the district's behalf and for the protection of the district's bond owners.

     (3) The general obligation bonds may be payable from the operating revenues of the public facilities district in addition to the tax receipts of the district.

     (4) The excise tax imposed pursuant to RCW 36.100.040(1) terminates upon final payment of all bonded indebtedness for its public facilities, except that the excise tax may be reauthorized by a public vote, in the same manner as originally authorized, for funding of additional public facilities or a regional center.

[2010 1st sp.s. c 15 § 6; 1999 c 165 § 15; 1995 1st sp.s. c 14 § 4; 1995 c 396 § 5; 1989 1st ex.s. c 8 § 5; 1988 ex.s. c 1 § 16.]

Notes: Findings -- Intent -- Construction -- 2010 1st sp.s. c 15: See notes following RCW 36.100.010.

Severability -- 1999 c 164: See RCW 35.57.900.

Severability -- Effective dates -- 1995 1st sp.s. c 14: See notes following RCW 36.100.010.

Severability -- 1995 c 396: See note following RCW 36.100.010.