(1) A
local government authorized to issue bonds must determine for the
bond issue its amount, date or dates, terms not in excess of the
maximum term otherwise provided in law, conditions, bond
denominations, interest rate or rates, which may be fixed or
variable, interest payment dates, maturity or maturities,
redemption rights, registration privileges, manner of execution,
price, manner of sale, covenants, and form, including
registration as to principal and interest, registration as to
principal only, or bearer. Registration may be as provided in
RCW 39.46.030.
(2) If an ordinance or resolution approving the issuance of
bonds authorizes an officer or employee of the local government
to serve as its designated representative and to accept, on
behalf of the local government, an offer to purchase those bonds,
the acceptance of the offer by the designated representative must
be consistent with terms established by the ordinance or
resolution, and with additional parameters set by the governing
body of the local government in the ordinance or resolution.
That ordinance or resolution must establish the following terms
for the bonds or set forth parameters with respect thereto: The
amount, date or dates, denominations, interest rate or rates (or
mechanism for determining interest rate or rates), payment dates,
final maturity, redemption rights, price, minimum savings for
refunding bonds (if the refunding bonds are issued for savings
purposes), and any other terms and conditions deemed appropriate
by the legislative body of the local government. A county
designating a representative in accordance with this subsection
must act in a manner that is consistent with the approved county
debt policy adopted in accordance with RCW 36.48.070.
[2011 c 210 § 1; 1983 c 167 § 4.]
NOTES:
Application to previously issued bonds -- 2011 c 210: "All bonds previously issued and any reimbursements previously made with bond proceeds by any local government and consistent with the provisions of this act are hereby validated, ratified, and confirmed." [2011 c 210 § 6.]
Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.