The bill amends Washington state law to modify the requirements for school districts and municipal corporations concerning the validation and ratification of indebtedness and the issuance of general obligation bonds. It changes the voting requirement for school districts from a three-fifths majority to a simple majority, facilitating easier access to funding for facilities and capital projects. Additionally, municipal corporations are allowed to issue general obligation bonds for capital purposes with a majority vote instead of a three-fifths majority in certain situations.

The legislation also revises impact fee regulations, enabling counties, cities, and towns to impose fees on new developments while ensuring these fees are not the sole funding source for public facilities. It introduces a deferred collection system for impact fees related to single-family residential construction and requires local governments to consider school district recommendations regarding additional deferrals. The bill mandates that impact fees be reasonably related to new development and outlines specific requirements for their calculation and use, including exemptions for low-income housing and early learning facilities. It emphasizes transparency in managing impact fee accounts and repeals previous provisions related to school impact fees, with the act's effectiveness contingent upon a proposed constitutional amendment regarding local funding authority for school district facilities.

Statutes affected:
Original Bill: 28A.535.020, 28A.535.050, 84.52.056, 39.36.020, 39.36.015, 28A.315.285
Substitute Bill: 28A.535.020, 28A.535.050, 84.52.056, 39.36.020, 39.36.015, 28A.315.285, 82.02.050, 82.02.060, 43.31.565, 82.02.090, 36.70A.211, 82.02.110
Second Substitute: 28A.535.020, 28A.535.050, 84.52.056, 39.36.020, 39.36.015, 28A.315.285, 82.02.050, 82.02.060, 43.31.565, 82.02.090, 36.70A.211, 82.02.110