Chapter 39.44 RCW

BONDSMISCELLANEOUS PROVISIONS, BOND INFORMATION REPORTING

Sections

39.44.070Life of bonds.
39.44.100Facsimile signatures on bonds and coupons.
39.44.101Facsimile signatures on bonds and couponsFraudDestruction of platesPenalty.
39.44.102Facsimile signatures on bonds and couponsStatements and signatures required on registered bonds.
39.44.110RegistrationPaymentAssignment.
39.44.120Payment of coupon interest.
39.44.130Treasurers as registration officersFiscal agent.
39.44.140Revenue bondsFunds for reserve purposes may be included in issue amount.
39.44.200State and local government bond informationDefinitions.
39.44.210State and local government bond informationSubmittalContentsAnnual report.
39.44.230State and local government bond informationRules.
39.44.240State and local government bond informationValidity of bonds not affected.
39.44.900ValidationSavings1982 c 216.

NOTES:

Cities and towns, local improvement bonds: Chapter 35.45 RCW.
Counties, bonds
form, interest, etc.: Chapter 36.67 RCW.
to acquire land for military purposes, form, interest, etc.: Chapter 37.08 RCW.
County road bonds, form, interest, etc.: Chapter 36.76 RCW.
Funding bonds, interest rate, form, sale, payment, etc.: Chapter 39.52 RCW.
Industrial development revenue bonds: Chapter 39.84 RCW.
Irrigation district bonds, form, interest, maturity, etc.: RCW 87.03.200.
Municipal revenue bond act: Chapter 35.41 RCW.
Port district bonds, form, terms, etc.: Chapters 53.40 and 53.44 RCW.
Public utility district bonds, form, terms, etc.: RCW 54.24.018.
School district bonds, form, terms of sale, etc.: Chapter 28A.530 RCW.
Validation: Chapter 39.90 RCW.
Water-sewer district bonds, form, terms, etc.: RCW 57.20.010.


Life of bonds.

Notwithstanding the provisions of any charter to the contrary, bonds issued under *RCW 39.44.010 through 39.44.080 may be issued to run for a period up to forty years from the date of the issue and shall, as near as practicable, be issued for a period which shall not exceed the life of the improvement to be acquired by the use of the bonds.
[ 1967 c 107 § 5; 1923 c 151 § 5; RRS § 5583-5.]

NOTES:

*Reviser's note: RCW 39.44.010, 39.44.011, 39.44.020, 39.44.030, 39.44.060, and 39.44.080 were repealed by 1984 c 186 § 70.



Facsimile signatures on bonds and coupons.

On all bonds hereafter issued by the state or any agency thereof or by any county, city, town, municipal corporation, quasi municipal corporation, junior taxing district, school district or other political subdivision of the state, the printed, engraved or lithographed facsimile signatures of the officers required by law to sign the bonds or any interest coupons thereon shall be sufficient signature on such bonds or coupons: PROVIDED, That such facsimile signatures shall not be used on the bonds of issues of less than one hundred thousand dollars par value and may always be used on interest coupons.
Whenever such facsimile signature reproduction of the signature of any officer is used in place of the personal signature of such officer, the issuing authority shall specify in a written order or requisition to the printer, engraver, or lithographer, the number of bonds or coupons upon which such facsimile signature is to be printed, engraved, or lithographed, and the manner of numbering the bonds or coupons upon which such signature shall be placed. Within ninety days after the completion of the printing, engraving, or lithographing of such bonds or coupons, the plate or plates used for the purpose of affixing the facsimile signature shall be destroyed and it shall be the duty of the issuing authority, within ninety days after receipt of the completed bonds or coupons, to ascertain that such plate or plates have been destroyed.

NOTES:

Liberal constructionSeverability1983 c 167: See RCW 39.46.010 and note following.
Uniform facsimile signature of public officials act: Chapter 39.62 RCW.



Facsimile signatures on bonds and couponsFraudDestruction of platesPenalty.

Every printer, engraver, or lithographer, who with the intent to defraud, prints, engraves, or lithographs a facsimile signature upon any bond or coupon without written order of the issuing authority, or fails to destroy such plate or plates containing the facsimile signature upon direction of such issuing authority, is guilty of a class B felony punishable according to chapter 9A.20 RCW.

NOTES:

IntentEffective date2003 c 53: See notes following RCW 2.48.180.
Fraud, forgery: Chapter 9A.60 RCW.



Facsimile signatures on bonds and couponsStatements and signatures required on registered bonds.

Where any bond so issued requires registration by the county treasurer, that bond shall bear a statement on the back thereof showing the name of the person to whom sold, date of issue, the number and series of the bond, and shall be signed by the county treasurer in his or her own name or by a deputy county treasurer in his or her own name.



RegistrationPaymentAssignment.

Upon the presentation at the office of the officer or agent hereinafter provided for, any bond which is bearer in form that has heretofore been or may hereafter be issued by any county, city, town, port, school district, or other municipal or quasi municipal corporation in this state, may, if so provided in the proceedings authorizing the issuance of the same, be registered as to principal in the name of the owner upon the books of such municipality to be kept in said office, such registration to be noted on the reverse of the bond by such officer or agent. The principal of any bond so registered shall be payable only to the payee, his or her legal representative, successors or assigns, and such bond shall be transferable to another registered holder or back to bearer only upon presentation to such officer or agent, with a written assignment duly acknowledged or proved. The name of the assignee shall be written upon any bond so transferred and in the books so kept in the office of such officer or agent.

NOTES:

Liberal constructionSeverability1983 c 167: See RCW 39.46.010 and note following.



Payment of coupon interest.

If so provided in the proceedings authorizing the issuance of any such bonds, upon the registration thereof as to principal, or at any time thereafter, the coupons thereto attached, evidencing all interest to be paid thereon to the date of maturity, may be surrendered to the officer or agent hereinafter provided and the bonds shall also become registered as to interest. Such coupons shall be canceled by such officer or agent, who shall sign a statement endorsed upon such bond of the cancellation of all unmatured coupons and the registration of such bond. Thereafter the interest evidenced by such canceled coupons shall be paid at the times provided therein to the registered owner of such bond in lawful money of the United States of America mailed to his or her address.

NOTES:

Liberal constructionSeverability1983 c 167: See RCW 39.46.010 and note following.



Treasurers as registration officersFiscal agent.

(1) The duties prescribed in this chapter as to the registration of bonds of any city or town shall be performed by the treasurer thereof, and as to those of any county, port or school district by the county treasurer of the county in which such port or school district lies; but any treasurer as defined in RCW 39.46.020 may designate its legally designated fiscal agency or agencies for the performance of such duties, after making arrangements with such fiscal agency therefor, which arrangements may include provision for the payment by the bond owner of a fee for each registration.
(2) The county treasurer as ex officio treasurer of a special district shall act as fiscal agent or may appoint the fiscal agent to be used by the county.

NOTES:

Acts of municipal officers ratified and confirmed1995 c 38: See note following RCW 3.02.045.
Liberal constructionSeverability1983 c 167: See RCW 39.46.010 and note following.
Fiscal agencies: Chapter 43.80 RCW.



Revenue bondsFunds for reserve purposes may be included in issue amount.

Any county, city, town, political subdivision, or other municipal or quasi municipal corporation authorized to issue revenue bonds may include in the amount of any such issue funds for the purpose of establishing, maintaining or increasing reserves to:
(1) Secure the payment of the principal of and interest on such revenue bonds; or
(2) Provide for replacements or renewals of or repairs or betterments to revenue producing facilities; or
(3) Provide for contingencies, including, but not limited to, loss of revenue caused by such contingencies.
The authority granted pursuant to this section is additional and supplemental to any existing authority to issue revenue bonds and nothing in this section shall prevent the issuance of such bonds pursuant to any other law: PROVIDED, That no such bond issue may include an amount in excess of fifteen percent thereof for the purpose of establishing, maintaining or increasing reserves as enumerated above.

NOTES:

Liberal constructionSeverability1983 c 167: See RCW 39.46.010 and note following.



State and local government bond informationDefinitions.

Unless the context clearly requires otherwise, the definitions in this section apply throughout RCW 39.44.200 through 39.44.240.
(1) "Bond" means "bond" as defined in RCW 39.46.020, but also includes any other indebtedness that may be issued by any local government to fund private activities or purposes where the indebtedness is of a nonrecourse nature payable from private sources, including debt issued under chapter 39.50 RCW.
(2) "Local government" means "local government" as defined in RCW 39.46.020.
(3) "Type of bond" includes: (a) General obligation bonds, including councilmanic and voter-approved bonds; (b) revenue bonds; (c) local improvement district bonds; (d) special assessment bonds such as those issued by irrigation districts and diking districts; and (e) other classes of bonds.
(4) "State" means "state" as defined in RCW 39.46.020 but also includes any commissions or other entities of the state.



State and local government bond informationSubmittalContentsAnnual report.

For each state or local government bond issued, the underwriter of the issue shall supply the *department of community, trade, and economic development with information on the bond issue within twenty days of its issuance. In cases where the issuer of the bond makes a direct or private sale to a purchaser without benefit of an underwriter, the issuer shall supply the required information. The bond issue information shall be provided on a form prescribed by the *department of community, trade, and economic development and shall include but is not limited to: (1) The par value of the bond issue; (2) the effective interest rates; (3) a schedule of maturities; (4) the purposes of the bond issue; (5) cost of issuance information; and (6) the type of bonds that are issued. A copy of the bond covenants shall be supplied with this information.
For each state or local government bond issued, the issuer's bond counsel promptly shall provide to the underwriter or to the *department of community, trade, and economic development information on the amount of any fees charged for services rendered with regard to the bond issue.
Each local government that issues any type of bond shall make a report annually to the *department of community, trade, and economic development that includes a summary of all the outstanding bonds of the local government as of the first day of January in that year. Such report shall distinguish the outstanding bond issues on the basis of the type of bond, as defined in RCW 39.44.200, and shall report the local government's outstanding indebtedness compared to any applicable limitations on indebtedness, including RCW 35.42.200, 39.30.010, and 39.36.020.

NOTES:

*Reviser's note: The "department of community, trade, and economic development" was renamed the "department of commerce" by 2009 c 565.
Fiscal agencies: Chapter 43.80 RCW.
Publication of local government bond information by department of community, trade, and economic developmentAdoption of rules: RCW 43.63A.155.



State and local government bond informationRules.

The *department of community, trade, and economic development may adopt rules and regulations pursuant to the administrative procedure act to require (1) the submission of bond issuance information by underwriters and bond counsel to the *department of community, trade, and economic development in a timely manner and (2) the submission of additional information on bond issues by state and local governments, including summaries of outstanding bond issues.

NOTES:

*Reviser's note: The "department of community, trade, and economic development" was renamed the "department of commerce" by 2009 c 565.



State and local government bond informationValidity of bonds not affected.

Failure to file the information required by RCW 39.44.210 and 39.44.230 shall not affect the validity of the bonds that are issued.



ValidationSavings1982 c 216.

All bonds, the issuance of which was authorized or ratified at a general or special election held within the issuing jurisdiction prior to April 3, 1982, or the proposition for the issuance of which will be submitted at such an election pursuant to action of the legislative authority of the issuer taken prior to April 3, 1982, may be sold and issued with an interest rate or rates greater than any interest rate restriction contained in the ballot proposition or ordinance or resolution relating to such authorization or ratification if such bonds are or were sold and issued in accordance with the sale provisions and with an interest rate or rates not greater than those permitted by the applicable provision of *this amendatory act, and any such bonds heretofore sold are declared valid obligations of the issuer. This section shall not apply to bonds having a total value exceeding fifteen million dollars.

NOTES:

*Reviser's note: For codification of "this amendatory act" [1982 c 216], see Codification Tables.