§ 35.02.135. Newly incorporated city or town -- May borrow from municipal sales and use tax equalization account
Upon the certification of election of officers, the governing body may by resolution borrow money from the municipal sales and use tax equalization account, up to one hundred thousand dollars or five dollars per capita based on the population estimate required by RCW 35.02.030, whichever is less.
The loan authorized by this section shall be repaid over a three-year period. The state treasurer shall withhold moneys from the funds otherwise payable to the city or town that has obtained such a loan, either from the municipal sales and use tax equalization account or from sales and use tax entitlements otherwise distributable to such city or town, so that the account is fully reimbursed over the three-year period. The state treasurer shall adopt by rule procedures to accomplish the purpose of this section on a reasonable and equitable basis over the three-year period.
[1991 c 360 § 5.]
Sections: Previous 35.02.090 35.02.100 35.02.110 35.02.120 35.02.125 35.02.130 35.02.132 35.02.135 35.02.137 35.02.139 35.02.140 35.02.150 35.02.155 35.02.160 35.02.170 NextLast modified: April 7, 2009