Section 29.47.390. Other municipal financing.

   (a) A municipality may authorize by ordinance or resolution the issuance of negotiable or nonnegotiable revenue bonds to finance any project that serves a public purpose, and the bonds shall be secured and payable from any source except revenues, including tax revenue, of the municipality.
   (b) Bonds issued under this section are not a debt or liability of the municipality and do not create or constitute an indebtedness, liability, or obligation of the municipality, nor do they constitute a pledge of faith, credit, or taxing power of the municipality.  Each bond must contain on its face a statement that the municipality is not obligated to pay the principal or the interest on the bonds except from those sources indicated, and that neither the faith and credit nor the taxing power of the municipality is pledged to the payment of principal or interest on the bond.
   (c) A municipality may
        (1) loan the proceeds of the bonds issued under this section;
        (2) pledge, mortgage or assign money, leases, agreements, property, or other assets of the project being financed;
        (3) enter into covenants and agreements concerning bonds issued under this section that the municipality determines to be desirable;
        (4) provide for any matter that affects the security of the bonds.
   (d) In this section,
        (1) "bonds" means bonds, notes, or other evidence of indebtedness;
        (2) "project" includes commercial, manufacturing, agricultural, industrial, residential housing, recreation, tourism, and medical projects and programs.

Notes

History

(Sec. 14 ch 74 SLA 1985)