Washington § 39.86.120 - Initial allocation.

Full text of Washington Revised Code of Washington § 39.86.120 — Initial allocation., with citation guidance and answers to common questions.

§ 39.86.120. Initial allocation.

(1) Except as provided in subsections (2) and (4) of this section, the initial allocation of the state ceiling shall be for each year as follows:
BOND USE
CATEGORY
 
2010 and THEREAFTER
Housing
 
42.0%
Small Issue
 
25.0%
Exempt Facility
 
20.0%
Student Loans
 
5.0%
Public Utility
 
0.0%
Remainder and
Redevelopment
 
8.0%
(2) Initial allocations may be modified by the agency only to reflect an issuer's carryforward amount. Any reduction of the initial allocation shall be added to the remainder and be available for allocation or reallocation.
(3) The remainder shall be allocated by the agency among one or more issuers from any bond use category with regard to the criteria specified in RCW 39.86.130.
(4) Should any bond use category no longer be subject to the state ceiling due to federal or state provisions of law, the agency shall divide the amount of that initial allocation among the remaining categories as necessary or appropriate with regard to the criteria specified in RCW 39.86.130.
(5)(a) Prior to July 1st of each calendar year, any available portion of an initial allocation may be allocated or reallocated only to an issuer within the same bond use category, except that the remainder category, or portions thereof, may be allocated at any time to any bond use category.
(b) Beginning July 1st of each calendar year, the agency may allocate or reallocate any available portion of the state ceiling to any bond use category with regard to the criteria specified in RCW 39.86.130.
[ 2016 sp.s. c 18 s 1; 2010 1st sp.s. c 6 s 6; 2001 c 330 s 2; 1990 c 50 s 1; 1987 c 297 s 3.]

Notes

Short title—2010 1st sp.s. c 6: See note following RCW 43.180.160.

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Frequently Asked Questions About Washington § 39.86.120

What does Revised Code of Washington § 39.86.120 cover?

Section 39.86.120 ("Initial allocation.") 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.

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