Washington § 39.98.050 - Debt service payments — Notifications upon nonpayment — Payments by state treasurer — Repayment.

Full text of Washington Revised Code of Washington § 39.98.050 — Debt service payments — Notifications upon nonpayment — Payments by state treasurer — Repayment., with citation guidance and answers to common questions.

§ 39.98.050. Debt service payments — Notifications upon nonpayment — Payments by state treasurer — Repayment.

(1)(a) The county treasurer for each district with outstanding, unpaid bonds shall transfer money sufficient for each scheduled debt service payment to its paying agent on or before any principal or interest payment date for the bonds.
(b) A county treasurer who is unable to transfer a scheduled debt service payment to the paying agent on the transfer date shall immediately notify the paying agent and the state treasurer by:
(i) Telephone;
(ii) A writing sent by facsimile or electronic transmission; and
(iii) A writing sent by first-class United States mail.
(2) If sufficient funds are not transferred to the paying agent as required by subsection (1) of this section, the paying agent shall immediately notify the state treasurer of that failure by:
(a) Telephone;
(b) A writing sent by facsimile or electronic transmission; and
(c) A writing sent by first-class United States mail.
(3)(a) If sufficient money to pay the scheduled debt service payment have not been so transferred to the paying agent, the state treasurer shall, forthwith, transfer sufficient money to the paying agent to make the scheduled debt service payment.
(b) The payment by the state treasurer:
(i) Discharges the obligation of the issuing district to its bond owners for the payment, but does not retire any bond that has matured. The terms of that bond remain in effect until the state is repaid; and
(ii) Transfers the rights represented by the general obligation of the district from the bond owners to the state.
(c) The district shall repay to the state the money so transferred as provided in this chapter.
[ 1999 c 273 s 5.]

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

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Frequently Asked Questions About Washington § 39.98.050

What does Revised Code of Washington § 39.98.050 cover?

Section 39.98.050 ("Debt service payments — Notifications upon nonpayment — Payments by state treasurer — Repayment.") 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 § 39.98.050?

A common citation format is "Revised Code of Washington § 39.98.050" (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 § 39.98.050 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.