The bill authorizes the public works board in Washington State to issue nonrecourse revenue bonds to finance public works infrastructure projects, thereby enhancing the financial resources available to local governments for infrastructure needs. It amends several sections of the Revised Code of Washington (RCW), removing previous provisions that allowed for loans, grants, and financing guarantees. The new language emphasizes the board's ability to engage in federal, state, and local public works programs without utilizing public funds or lending the credit of the state or local governments. Additionally, the bill establishes criteria for local governments to qualify for financial assistance, including the imposition of a specific tax rate and the development of a capital facility plan.

The legislation sets a maximum funding limit of $10,000,000 per biennium for any jurisdiction and prohibits the refinancing of existing debt or financial obligations under this chapter. It also clarifies the board's limitations, including prohibiting eminent domain and the levying of taxes, as well as restrictions on providing state money or property to individuals or corporations. The bill outlines the board's responsibilities in adopting a general plan for public works infrastructure objectives, specifies that the board's bonds will not be obligations of the state, and establishes a cap on outstanding indebtedness at $4,000,000,000. Proceeds from bond sales must be deposited in special funds, used solely for the intended purposes, while reserving the legislature's right to alter the board's structure and activities.

Statutes affected:
Original Bill: 43.155.010, 43.155.020, 43.155.040, 43.155.060, 43.155.070