§ 35.37.040 — Authority to contract debts—Limits.

Washington § 35.37.040

• Jurisdiction: Washington
• Title 35: CITIES AND TOWNS
• Ch. 35.37: FISCAL—CITIES UNDER TWENTY THOUSAND AND CITIES OTHER THAN FIRST CLASS—BONDS

Text

Every city and town, may, without a vote of the people, contract indebtedness or borrow money for strictly municipal purposes on the credit of the city or town and issue negotiable bonds therefor in an amount which when added to its existing nonvoter approved indebtedness will not exceed the amount of indebtedness authorized by chapter 39.36 RCW, as now or hereafter amended, to be incurred without the assent of the voters.

When bonds are issued under this section the ordinance providing therefor shall contain a statement showing the value of the taxable property in the city or town, as the term "value of the taxable property" is defined in RCW 39.36.015 , together with the amount of the existing nonvoter approved and total indebtedness of the city or town, which indebtedness shall include the amount for which such bonds are issued.

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

Severability — Effective date — 1970 ex.s. c 42: See notes following RCW 39.36.015 .

Legislative History

[1984 c 186 s 15;1970 ex.s. c 42 s 12;1965 c 7 s 35.37.040. Prior: (i)1891 c 128 s 1; RRS s 9538. (ii) 1891 c 128 s 6, part; RRS s 9544, part.]