§ 35.67.120. Revenue bond fund -- Authority to establish
After the city or town legislative body adopts a proposition for any such public utility, and either (1) no general indebtedness has been authorized, or (2) the city or town legislative body does not desire to incur a general indebtedness, and the legislative body can lawfully proceed without submitting the proposition to a vote of the people, it may create a special fund or funds for the sole purpose of defraying the cost of the proposed system, or additions, betterments or extensions thereto.
The city or town legislative body may obligate the city or town to set aside and pay into this special fund: (1) A fixed proportion of the gross revenues of the system, or (2) a fixed amount out of and not exceeding a fixed proportion of the gross revenues, or (3) a fixed amount without regard to any fixed proportion, and (4) amounts received from any utility local improvement district assessments pledged to secure such bonds.
[1967 c 52 § 24; 1965 c 7 § 35.67.120. Prior: 1941 c 193 § 4, part; Rem. Supp. 1941 § 9354-7, part.]
Notes:
Alternative authority to issue revenue bonds: RCW 39.46.150, 39.46.160.
Funds for reserve purposes may be included in issue amount: RCW 39.44.140. Sections: Previous 35.67.010 35.67.020 35.67.022 35.67.025 35.67.030 35.67.065 35.67.110 35.67.120 35.67.130 35.67.140 35.67.150 35.67.160 35.67.170 35.67.180 35.67.190 Next
Last modified: April 7, 2009