The authority shall establish
rules concerning its exercise of the powers authorized by this
chapter. The authority shall receive from applicants requests for
the providing of bonds for financing of health care facilities and
shall investigate and determine the need and the feasibility of
providing such bonds. Whenever the authority deems it necessary or
advisable for the benefit of the public health to provide financing
for a health care facility, it shall adopt a financing plan
therefor and shall declare the estimated cost thereof, as near as
may be, including as part of such cost funds necessary for the
expenses incurred in the financing as well as in the construction
or purchase or other acquisition or in connection with the rental
or other payment for the use thereof, interest during construction,
reserve funds and any funds necessary for initial start-up costs,
and shall issue and sell its bonds for the purposes of carrying out
the proposed financing plan: PROVIDED, That if a certificate of
need is required for the proposed project, no such financing plan
shall be adopted until such certificate has been issued pursuant to
chapter 70.38 RCW by the secretary of the department of social and
health services. The authority shall have power as a part of such
plan to create a special fund or funds for the purpose of defraying
the cost of such project and for other projects of the same
participant subsequently or at the same time approved by it and for
their maintenance, improvement, reconstruction, remodeling and
rehabilitation, into which special fund or funds it shall obligate
and bind the participant to set aside and pay from the gross
revenues of the project or from other sources an amount sufficient
to pay the principal and interest of the bonds being issued,
reserves and other requirements of the special fund and to issue
and sell bonds payable as to both principal and interest out of
such fund or funds relating to the project or projects of such
participant.
Such bonds shall bear such date or dates, mature at such time
or times, be in such denominations, be in such form, either coupon
or registered, or both, as provided in RCW 39.46.030, carry such
registration privileges, be made transferable, exchangeable, and
interchangeable, be payable in such medium of payment, at such
place or places, be subject to such terms of redemption, bear such
fixed or variable rate or rates of interest, and be sold in such
manner, at such price, as the authority shall determine. Such
bonds shall be executed by the chairman, by either its duly elected
secretary or its executive director, and by the trustee if the
authority determines to utilize a trustee for the bonds. Execution
of the bonds may be by manual or facsimile signature: PROVIDED,
That at least one signature placed thereon shall be manually
subscribed. Any interest coupons appurtenant to the bonds shall be
executed by facsimile or manual signature or signatures, as the
authority shall determine.
[1983 c 210 § 2; 1983 c 167 § 171; 1981 c 121 § 1; 1974 ex.s. c 147 § 5.]
NOTES:
Reviser's note: This section was amended by 1983 c 167 § 171 and by 1983 c 210 § 2, each without reference to the other. Both amendments are incorporated in the publication of this section pursuant to RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.