§ 47.26.422. Bonds -- Denominations -- Manner and terms of sale -- Legal investment for state funds
The first authorization bonds, series II bonds, and series III bonds issued hereunder shall be in denominations to be prescribed by the state finance committee and may be sold in such manner and in such amounts and at such times and on such terms and conditions as the committee may prescribe. The state finance committee may obtain insurance, letters of credit, or other credit facility devices with respect to the bonds and may authorize the execution and delivery of agreements, promissory notes, and other obligations for the purpose of insuring the payment or enhancing the marketability of the bonds. Promissory notes or other obligations issued pursuant to this section shall not constitute a debt or the contracting of indebtedness under any constitutional or statutory indebtedness limitation if their payment is conditioned upon the failure of the state to pay the principal of or interest on the bonds with respect to which the promissory notes or other obligations relate. The state finance committee may authorize the issuance of short-term obligations in lieu of long-term obligations for the purposes of more favorable interest rates, lower total interest costs, and increased marketability and for the purpose of retiring the bonds during the life of the project for which they were issued. Bonds issued under the provisions of RCW 47.26.420 through 47.26.427 and 47.26.425 shall be legal investment for any of the funds of the state, except the permanent school fund.
[1986 c 290 § 4; 1981 c 315 § 7; 1979 c 5 § 5; 1967 ex.s. c 83 § 47.]
Notes:
Effective date -- 1981 c 315: See note following RCW 47.26.080.
Construction -- 1979 c 5: See note following RCW 47.26.420.
Sections: Previous 47.26.403 47.26.404 47.26.405 47.26.406 47.26.407 47.26.420 47.26.421 47.26.422 47.26.423 47.26.424 47.26.425 47.26.4252 47.26.4254 47.26.4255 47.26.426 Next
Last modified: April 7, 2009