Washington § 35.45.170 - Refunding bonds — Limitations.

Full text of Washington Revised Code of Washington § 35.45.170 — Refunding bonds — Limitations., with citation guidance and answers to common questions.

§ 35.45.170. Refunding bonds — Limitations.

The legislative authority of any city or town may issue and sell bonds to refund outstanding local improvement district or consolidated local improvement district bonds issued after June 7, 1984, on the earliest date such outstanding bonds may be redeemed following the date of issuance of such refunding bonds. Such refunding shall be subject to the following:
(1) The refunding shall result in a net interest cost savings after paying the costs and expenses of the refunding, and the principal amount of the refunding bonds may not exceed the principal balance of the assessment roll or rolls pledged to pay the bonds being refunded at the time of the refunding.
(2) The refunding bonds shall be paid from the same local improvement fund or bond redemption fund as the bonds being refunded.
(3) The costs and expenses of the refunding shall be paid from the proceeds of the refunding bonds, or the same local improvement district fund or bond redemption fund for the bonds being refunded, except the city or town may advance such costs and expenses to such fund pending the receipt of assessment payments available to reimburse such advances.
(4) The last maturity of the refunding bonds shall be no later than one year after the last maturity of bonds being refunded.
(5) The refunding bonds may be exchanged for the bonds being refunded or may be sold in the same manner permitted at the time of sale for local improvement district bonds.
(6) All other provisions of law applicable to the refunded bonds shall apply to the refunding bonds.
[ 1984 c 186 s 66.]

Notes

Purpose—1984 c 186: See note following RCW 39.46.110.

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Frequently Asked Questions About Washington § 35.45.170

What does Revised Code of Washington § 35.45.170 cover?

Section 35.45.170 ("Refunding bonds — Limitations.") 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 § 35.45.170?

A common citation format is "Revised Code of Washington § 35.45.170" (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 § 35.45.170 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

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.