The bill authorizes the public works board in Washington State to issue nonrecourse revenue bonds to finance public works infrastructure projects, thereby expanding funding options for local governments. It amends several sections of the Revised Code of Washington (RCW), particularly RCW 43.155.010, which now emphasizes the board's ability to issue bonds without utilizing public funds or lending the credit of the state or local governments. The definitions section (RCW 43.155.020) has been updated to include a broader definition of "bonds" and clarify the types of financial arrangements the board can engage in. Additionally, the bill modifies the criteria for local governments to qualify for financial assistance, including the requirement to impose a specific tax rate and develop a capital facility plan.

The bill establishes a maximum funding limit of $10,000,000 per jurisdiction per biennium and mandates annual reporting on the board's activities related to public works project funding. It specifies that existing debts or financial obligations of local governments cannot be refinanced under this chapter and requires local government applicants to document their attempts to secure other funding sources. The bill also introduces new sections clarifying the board's limitations, including prohibiting eminent domain powers and the inability to levy taxes. Furthermore, it outlines procedures for selecting bond counsel and underwriters, ensures bonds are payable solely from special funds created by the board, and caps the total outstanding indebtedness at $4,000,000,000, while protecting bondholders' rights and allowing legislative alterations to the board's structure without impairing existing contracts.

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