§ 43.163.080. General operating procedures
(1) The authority shall adopt general operating procedures for the authority. The authority shall also adopt operating procedures for individual programs as they are developed for obtaining funds and for providing funds to borrowers. These operating procedures shall be adopted by resolution prior to the authority operating the applicable programs.
(2) The operating procedures shall include, but are not limited to: (a) Appropriate minimum reserve requirements to secure the authority's bonds and other obligations; (b) appropriate standards for securing loans and other financing the authority provides to borrowers, such as guarantees or collateral; and (c) strict standards for providing financing to borrowers, such as (i) the borrower is a responsible party with a high probability of being able to repay the financing provided by the authority, (ii) the financing is reasonably expected to provide economic growth or stability in the state by enabling a borrower to increase or maintain jobs or capital in the state, (iii) the borrowers with the greatest needs or that provide the most public benefit are given higher priority by the authority, and (iv) the financing is consistent with any plan adopted by the authority under RCW 43.163.090.
[1994 c 238 § 2; 1990 c 53 § 5; 1989 c 279 § 9.]
Notes:
Severability -- Effective date -- 1994 c 238: See notes following RCW 43.163.010.
Sections: Previous 43.163.010 43.163.020 43.163.030 43.163.040 43.163.050 43.163.060 43.163.070 43.163.080 43.163.090 43.163.100 43.163.110 43.163.120 43.163.130 43.163.140 43.163.150 Next
Last modified: April 7, 2009