Washington · statute · Wash. Rev. Code ch. 39.98 · 9 active provisions
The legislature finds that implementation of the credit enhancement program provided for in this chapter can provide substantial savings to the taxpayers of the state of Washington with minimal cost or risk to the state government. The guaranty provided by pledging the credit of the state to the payment of voter-approv…
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Bond" means any voted general obligation bond issued by a school district, holding a certificate issued pursuant to this chapter for such a bond.(2) "Credit enhancement program" means the school district bon…
(1)(a) The full faith, credit, and taxing power of the state is pledged to guarantee full and timely payment of the principal of and interest on bonds as such payments become due. However, in the event of any acceleration of the due date of the principal by reason of mandatory redemption or acceleration resulting from…
(1)(a) Any district, by resolution of its board of directors, may request that the state treasurer issue a certificate evidencing the state's guaranty, under this chapter, of its bonds.(b) After reviewing the request, if the state treasurer determines that the district is eligible under rules adopted by the state finan…
(1)(a) The county treasurer for each district with outstanding, unpaid bonds shall transfer money sufficient for each scheduled debt service payment to its paying agent on or before any principal or interest payment date for the bonds.(b) A county treasurer who is unable to transfer a scheduled debt service payment to…
(1) Any district that has issued bonds for which the state has made all or part of a debt service payment shall:(a) Reimburse all money drawn by the state treasurer on its behalf;(b) Pay interest to the state on all money paid by the state from the date that money was drawn to the date the state is repaid at a rate to…
In order to effect the provisions of Article VIII, section 1(e) of the state Constitution, Senate Joint Resolution No. 8206, the legislature shall make provision for such amounts as may be required to make timely payments under the state school district credit enhancement program under this chapter in each and every bi…
The state finance committee may adopt, under chapter 34.05 RCW, all rules necessary and appropriate for the implementation and administration of this chapter.
This act takes effect January 1, 2000, if the proposed amendment to Article VIII, section 1 of the state Constitution, guaranteeing the general obligation debt of school districts, is validly submitted to and is approved and ratified by the voters at the next general election. If the proposed amendment is not approved…