Washington § 28B.07.350 - Proceeds fund.

Full text of Washington Revised Code of Washington § 28B.07.350 — Proceeds fund., with citation guidance and answers to common questions.

§ 28B.07.350. Proceeds fund.

(1) All proceeds derived from a particular bond under the provisions of this chapter shall be deposited in a fund to be known as the proceeds fund, which shall be maintained in such bank or banks as shall be determined by the authority. Proceeds deposited in the fund shall be expended only on approval of the authority.
(2) A separate proceeds fund shall be maintained for each series of bonds issued by the authority.
(3) Funds credited to a proceeds fund may be used for any or all of the following purposes:
(a) The payment of the necessary expenses, including, without limitation, the costs of issuing the authority's bonds, incurred by the authority in carrying out its responsibilities under RCW 28B.07.021, 28B.07.300 through 28B.07.380, 28B.07.925, 28B.07.927, and 28B.07.030;
(b) The establishment of a debt service reserve account to secure the payment of bonds;
(c) The making of educational loans to qualified borrowers;
(d) The purchase, either directly or acting through a bank with trust powers for its account, of educational loans; and
(e) The acquisition of an investment contract or contracts or any other investments permitted under an indenture of the authority securing its bonds. The income from the contract, contracts, or investments, after payment of the bonds and all expenses associated therewith, shall be used by the authority to assist in carrying out its purposes under this chapter.
[ 2007 c 36 s 8.]

Notes

Policy—Purpose—2007 c 36: See note following RCW 28B.07.300.

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Frequently Asked Questions About Washington § 28B.07.350

What does Revised Code of Washington § 28B.07.350 cover?

Section 28B.07.350 ("Proceeds fund.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 28B.07.350?

A common citation format is "Revised Code of Washington § 28B.07.350" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 28B.07.350 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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