Washington § 39.98.040 - Certificate issued by state treasurer evidence of guaranty — Limitations on issuance of guaranteed bonds — Fees.

Full text of Washington Revised Code of Washington § 39.98.040 — Certificate issued by state treasurer evidence of guaranty — Limitations on issuance of guaranteed bonds — Fees., with citation guidance and answers to common questions.

§ 39.98.040. Certificate issued by state treasurer evidence of guaranty — Limitations on issuance of guaranteed bonds — Fees.

(1)(a) Any district, by resolution of its board of directors, may request that the state treasurer issue a certificate evidencing the state's guaranty, under this chapter, of its bonds.
(b) After reviewing the request, if the state treasurer determines that the district is eligible under rules adopted by the state finance committee, the state treasurer shall promptly issue the certificate as to specific bonds of the district and provide it to the requesting district.
(c)(i) The district receiving the certificate and all other persons may rely on the certificate as evidencing the guaranty for bonds issued within one year from and after the date of the certificate, without making further inquiry during that year.
(ii) The certificate of eligibility is valid for one year even if the state treasurer later determines that the school district is ineligible.
(2) Any district that chooses to forego the benefits of the guaranty provided by this chapter for a particular issue of bonds may do so by not referring to this chapter on the face of its bonds.
(3) Any district that has bonds, the principal of or interest on which has been paid, in whole or in part, by the state under this chapter, may not issue any additional bonds guaranteed by this chapter until:
(a) All payment obligations of the district to the state under the credit enhancement program are satisfied; and
(b) The state treasurer and the state superintendent of public instruction each certify in writing, to be kept on file by the state treasurer and the state superintendent of public instruction, that the district is fiscally solvent.
(4) The state finance committee may establish by rule fees sufficient to cover the costs of administering this chapter.
[ 1999 c 273 s 4.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 39.98.040

What does Revised Code of Washington § 39.98.040 cover?

Section 39.98.040 ("Certificate issued by state treasurer evidence of guaranty — Limitations on issuance of guaranteed bonds — Fees.") 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 § 39.98.040?

A common citation format is "Revised Code of Washington § 39.98.040" (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.

How does Washington § 39.98.040 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.

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