67.40.190 - Convention and trade facilities -- Use of funds -- Encumbered revenue.

Convention and trade facilities — Use of funds — Encumbered revenue. (Contingent repealer.)

(1) Moneys received from any tax imposed under RCW 67.40.130 shall be used for the purpose of providing funds to the corporation for the costs associated with paying all or any part of the cost associated with: The financing, design, acquisition, construction, equipping, operating, maintaining, and reequipping of convention center facilities; the acquisition, construction, and relocation costs of replacement housing; and repayment of loans and advances from the state, including loans authorized previously under this chapter, or to pay or secure the payment of all or part of the principal of or interest on any state bonds issued for purposes authorized under this chapter.

     (2) If any of the revenue from any local sales tax authorized under RCW 67.40.130 shall have been encumbered or pledged by the state to secure the payment of any state bonds as authorized under RCW 67.40.030, then as long as that agreement or pledge shall be in effect, the legislature shall not withdraw from the municipality the authority to levy and collect the tax or the tax credit authorized under RCW 67.40.130 and 67.40.140.

[1995 c 386 § 7.]

Notes: Reviser's note: RCW 67.40.190 is repealed if the transfer date in RCW 36.100.230 occurs.

Severability -- Effective date -- 1995 c 386: See notes following RCW 67.40.130.