§ 54.16.070. District may borrow money, contract indebtedness, issue bonds or obligations -- Guaranty fund
(1) A district may contract indebtedness or borrow money for any corporate purpose on its credit or on the revenues of its public utilities, and to evidence such indebtedness may issue general obligation bonds or revenue obligations; may issue and sell local utility district bonds of districts created by the commission, and may purchase with surplus funds such local utility district bonds, and may create a guaranty fund to insure prompt payment of all local utility district bonds. The general obligation bonds shall be issued and sold in accordance with chapter 39.46 RCW. A district is authorized to establish lines of credit or make other prearranged agreements, or both, to borrow money with any financial institution.
(2) Notwithstanding subsection (1) of this section, such revenue obligations and local utility district bonds may be issued and sold in accordance with chapter 39.46 RCW.
[1991 c 74 § 1; 1984 c 186 § 44; 1983 c 167 § 144; 1959 c 218 § 1; 1955 c 390 § 8. Prior: 1945 c 143 § 1(f); 1931 c 1 § 6(f); Rem. Supp. 1945 § 11610(f).]
Notes:
Purpose -- 1984 c 186: See note following RCW 39.46.110.
Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.
Sections: Previous 54.16.032 54.16.035 54.16.040 54.16.045 54.16.047 54.16.050 54.16.060 54.16.070 54.16.080 54.16.083 54.16.085 54.16.090 54.16.092 54.16.095 54.16.096 Next
Last modified: April 7, 2009