(1) The board is authorized to
create corporations under Title 23B RCW, limited liability
companies under chapter 25.15 RCW, and limited partnerships under
chapter 25.10 RCW, of which it may or may not be the general
partner, for the purposes of transferring, acquiring, holding,
overseeing, operating, or disposing of real estate or other
investment assets that are not publicly traded on a daily basis
or on an organized exchange. The liability of each entity
created by the board is limited to the assets or properties of
that entity. No creditor or other person has any right of action
against the board, its members or employees, or the state of
Washington on account of any debts, obligations, or liabilities
of the entity. Entities created under this section may be
authorized by the board to make any investment that the board may
make, including but not limited to the acquisition of: Equity
interests in operating companies, the indebtedness of operating
companies, and real estate.
(2) Directors, officers, and other principals of entities
created under this section must be board members, board staff, or
principals or employees of an advisor or manager engaged by
contract by the board or the entity to manage real estate or
other investment assets of the entity. Directors of entities
created under this section must be appointed by the board. Officers and other principals of entities created under this
section are appointed by the directors.
(3) A public corporation, limited liability company, or
limited partnership created under this section has the same
immunity or exemption from taxation as that of the state. The
entity shall pay an amount equal to the amounts that would be
paid for taxes otherwise levied upon real property and personal
property to the public official charged with the collection of
such real property and personal property taxes as if the property
were in private ownership. The proceeds of such payments must be
allocated as though the property were in private ownership.
[1997 c 359 § 1.]