The bill amends RCW 53.36.030 to authorize a narrow modification to the indebtedness limits for select inland port districts, allowing them to maintain eligibility for federal funding aimed at improving rail, power, and other critical public infrastructure. 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 conditions, including the creation of an increment area under chapter 39.114 RCW 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 those authorized under subsection (1)(b) shall not exceed twenty-five years. The bill further refines definitions related to indebtedness and taxable property value, ensuring that certain debts secured by mortgages on properties leased to the federal government are excluded from the district's total indebtedness calculations.

Statutes affected:
Original bill: 53.36.030
Bill as passed Legislature: 53.36.030
Session law: 53.36.030