The bill amends RCW 53.36.030 to authorize a narrow modification to the indebtedness limits for select inland port districts, allowing them to secure additional funding for critical public infrastructure improvements, including rail and power projects. Specifically, it introduces provisions that enable qualifying port districts to contract indebtedness or borrow money for district purposes and issue general obligation bonds not exceeding an additional 0.25 percent of the taxable property value without voter authorization. To qualify, the port district must meet certain criteria, including the creation of an increment area and specific assessed value thresholds.

Additionally, the bill clarifies that any indebtedness incurred under these new provisions must be used for financing public improvements as outlined in chapter 39.114 RCW. It also updates the language regarding the duration of contracts for indebtedness, specifying that they shall not exceed twenty-five years for certain types of bonds. The bill aims to enhance the financial capabilities of port districts while ensuring compliance with existing regulations and maintaining accountability in the use of public funds.

Statutes affected:
Original bill: 53.36.030