Refunding Bond Act
Washington · Public Contracts and Indebtedness · §§ 39.53.010 to 39.53.910 · 17 sections
Overview
The act authorizes the issuance of refunding bonds — obligations issued to refinance debt already outstanding — and sets out the terms and procedures governing how they are created, sold, secured, and repaid. It fixes the amount that may be authorized, identifies the officials responsible for issuing and authenticating the bonds, and governs their maturities, interest, division into separate series, and sale, together with mechanics such as temporary bonds and the replacement of lost bonds or coupons. It further directs how bond proceeds and accrued interest are applied, allows amounts held in trust to serve as security, establishes a pledge for repayment, and addresses appropriations, insufficiency of funds, and reporting back to the legislature.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- RCW 39.53.010Definitions.
- RCW 39.53.020Issuance authorized—Purposes—Saving to public body, criteria.
- RCW 39.53.030Refunding bonds may be exchanged for bonds to be refunded or sold.
- RCW 39.53.040What bonds may be refunded—Refunding plans—Redemption of refunding bonds.
- RCW 39.53.045Bonds payable from special assessments—Not subject to refunding.
- RCW 39.53.050Refunding bonds, principal amount—Disposition of reserves held to secure the bonds to be refunded.
- RCW 39.53.060Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.
- RCW 39.53.070Application of proceeds of sale of refunding bonds and other funds—Contracts for safekeeping and application—Use to pay and secure refunding bonds—Pledge of revenues—Duty to provide sufficient money to accomplish refunding.
- RCW 39.53.080Pledge of revenues to payment of refunding bonds when amounts sufficient to pay revenue bonds to be refunded are irrevocably set aside.
- RCW 39.53.090Annual maturities of general obligation refunding bonds issued to refund voted general obligation bonds.
- RCW 39.53.100Use of deposit moneys and investments in computing indebtedness.
- RCW 39.53.110Refunding and other bonds may be issued in combination.
- RCW 39.53.120Refunding bonds to be issued in accordance with laws applicable to type of bonds to be refunded—Transfer of funds to applicable bond retirement account.
- RCW 39.53.130Amendment of power contracts pursuant to refunding of certain bond issues.
- RCW 39.53.140Issuance of general obligation refunding bonds to refund general obligation or revenue bonds.
- RCW 39.53.900Short title.
- RCW 39.53.910Additional authority—Effect as to other laws.
Enacted in other states
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