Washington § 35.37.040 - Authority to contract debts — Limits.

Full text of Washington Revised Code of Washington § 35.37.040 — Authority to contract debts — Limits., with citation guidance and answers to common questions.

§ 35.37.040. Authority to contract debts — Limits.

Every city and town, may, without a vote of the people, contract indebtedness or borrow money for strictly municipal purposes on the credit of the city or town and issue negotiable bonds therefor in an amount which when added to its existing nonvoter approved indebtedness will not exceed the amount of indebtedness authorized by chapter 39.36 RCW, as now or hereafter amended, to be incurred without the assent of the voters.
When bonds are issued under this section the ordinance providing therefor shall contain a statement showing the value of the taxable property in the city or town, as the term "value of the taxable property" is defined in RCW 39.36.015, together with the amount of the existing nonvoter approved and total indebtedness of the city or town, which indebtedness shall include the amount for which such bonds are issued.
[ 1984 c 186 s 15; 1970 ex.s. c 42 s 12; 1965 c 7 s 35.37.040. Prior: (i) 1891 c 128 s 1; RRS s 9538. (ii) 1891 c 128 s 6, part; RRS s 9544, part.]

Notes

Purpose—1984 c 186: See note following RCW 39.46.110.
Severability—Effective date—1970 ex.s. c 42: See notes following RCW 39.36.015.
Limitations upon indebtedness: State Constitution Art. 7 s 2 (Amendments 55, 59), Art. 8 s 6 (Amendment 27), chapter 39.36 RCW, RCW 84.52.050.

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Frequently Asked Questions About Washington § 35.37.040

What does Revised Code of Washington § 35.37.040 cover?

Section 35.37.040 ("Authority to contract debts — Limits.") 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 § 35.37.040?

A common citation format is "Revised Code of Washington § 35.37.040" (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.

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Sources & Verification

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