Washington · statute · Wash. Rev. Code ch. 39.102 · 25 active provisions
The legislature recognizes that the state as a whole benefits from investment in public infrastructure because it promotes community and economic development. Public investment stimulates business activity and helps create jobs; stimulates the redevelopment of brownfields and blighted areas in the inner city; lowers th…
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Annual state contribution limit" means seven million five hundred thousand dollars statewide per fiscal year.(2) "Assessed value" means the valuation of taxable real property as placed on the last completed…
The local infrastructure financing tool program is created to assist local governments in financing authorized public infrastructure projects designed to promote economic development in the jurisdiction. The local infrastructure financing tool program is not created to enable existing Washington-based businesses from o…
(1) Prior to applying to the board to use local infrastructure financing, a sponsoring local government shall:(a) Designate a revenue development area within the limitations in RCW 39.102.060;(b) Certify that the conditions in RCW 39.102.070 are met;(c) Complete the process in RCW 39.102.080;(d) Provide public notice a…
(1) In addition to a competitive process, demonstration projects are provided to determine the feasibility of the local infrastructure financing tool. Notwithstanding RCW 39.102.040, the board shall approve each demonstration project. Demonstration project applications must be received by the board no later than July 1…
The designation of a revenue development area is subject to the following limitations:(1) The taxable real property within the revenue development area boundaries may not exceed one billion dollars in assessed value at the time the revenue development area is designated;(2) The average assessed value per square foot of…
The use of local infrastructure financing under this chapter is subject to the following conditions:(1) No funds may be used to finance, design, acquire, construct, equip, operate, maintain, remodel, repair, or reequip public facilities funded with taxes collected under RCW 82.14.048 or 82.14.390;(2)(a) Except as provi…
Before adopting an ordinance creating the revenue development area, a sponsoring local government must:(1) Obtain written agreement from any participating local government and participating taxing district to use dedicated amounts of local excise tax allocation revenues, local property tax allocation revenues, and othe…
(1) To adopt a revenue development area, a sponsoring local government, and any cosponsoring local government, must adopt an ordinance establishing the revenue development area that:(a) Describes the public improvements proposed to be made in the revenue development area;(b) Describes the boundaries of the revenue deve…
Prior to adopting the ordinance creating the revenue development area and to meet the requirements of *RCW 39.102.150(1)(b), a sponsoring local government and any cosponsoring local government must provide public notice.(1) Notice of the public hearing must be published in a legal newspaper of general circulation withi…
(1) A sponsoring local government or participating local government that has received approval by the board to use local infrastructure financing may use annually its local excise tax allocation revenues to finance public improvements in the revenue development area financed in whole or in part by local infrastructure…
(1) Commencing in the second calendar year following board approval of a revenue development area, the county treasurer shall distribute receipts from regular taxes imposed on real property located in the revenue development area as follows:(a) Each participating taxing district and the sponsoring local government shal…
Money collected from the taxes imposed under RCW 82.14.475 may be used only for the purpose of paying debt service on bonds issued under the authority of RCW 39.102.150 or to pay public improvement costs on a pay-as-you-go basis as provided in RCW 39.102.195, or both.
(1) A sponsoring local government shall provide a report to the board and the department by March 1st of each year. The report shall contain the following information:(a) The amount of local excise tax allocation revenues, local property tax allocation revenues, other revenues from local public sources, and taxes under…
(1) A sponsoring local government that has designated a revenue development area and instead of paying public improvement costs on a pay-as-you-go basis has been authorized the use of local infrastructure financing may incur general indebtedness, including issuing general obligation bonds, to finance the public improve…
A sponsoring local government that issues bonds under RCW 39.102.150 to finance public improvements may pledge for the payment of such bonds all or part of any local excise tax allocation revenues and all or part of any local property tax allocation revenues dedicated by the sponsoring local government, any participati…
The bonds issued by a sponsoring local government under RCW 39.102.150 to finance public improvements shall not constitute an obligation of the state of Washington, either general or special.
(1) A sponsoring local government may issue revenue bonds to fund revenue-generating public improvements, or portions of public improvements, that are located within a revenue development area. Whenever revenue bonds are to be issued, the legislative authority of the sponsoring local government shall create or have cre…
To the extent that amounts received as local excise tax allocation revenues, local property tax allocation revenues, other revenues from local public sources, that are dedicated to local infrastructure financing, and revenues received from the local option sales and use tax authorized in RCW 82.14.475, are set aside in…
Beginning September 1, 2013, and continuing every five years thereafter, the joint legislative audit and review committee shall submit a report to the appropriate committees of the legislature.(1) The report shall, at a minimum, evaluate the effectiveness of the local infrastructure financing tool program, including a…
The department of revenue and the community economic revitalization board shall evaluate and periodically report on the implementation of the local infrastructure financing [tool] program to the governor and legislature as the department and the board deems appropriate and recommend such amendments, changes in, and mod…
The department of revenue and the community economic revitalization board may adopt any rules under chapter 34.05 RCW they consider necessary for the administration of this chapter.
Nothing in this act shall be construed to give port districts the authority to impose a sales or use tax under chapter 82.14 RCW.
This act takes effect July 1, 2006.
This chapter expires June 30, 2044.