Washington § 39.53.060 Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.

Washington Statutes

§ 39.53.060 — Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.

Washington § 39.53.060

Title 39PUBLIC CONTRACTS AND INDEBTEDNESS

Ch. 39.53REFUNDING BOND ACT

This text of Washington § 39.53.060 (Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.) is published on Counsel Stack Legal Research, covering Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wash. Rev. Code § 39.53.060 (2026).

Text

Prior to the application of the proceeds derived from the sale of refunding bonds to the purposes for which such bonds have been issued, such proceeds, together with any other funds the governing body may set aside for the payment of the bonds to be refunded, may be invested and reinvested only in government obligations maturing or having guaranteed redemption prices at the option of the holder at such time or times as may be required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the refunding plan. To the extent incidental expenses have been capitalized, such bond proceeds may be used to defray such expenses.

Application — Construction — Severability — 1999 c 230: See notes following RCW 39.53.010 .

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Prior to the application of the proceeds derived from the sale of refunding bonds to the purposes for which such bonds have been issued, such proceeds, together with any other funds the governing body may set aside for the payment of the bonds to be refunded, may be invested and reinvested only in government obligations maturing or having guaranteed redemption prices at the option of the holder at such time or times as may be required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the refunding plan. To the extent incidental expenses have been capitalized, such bond proceeds may be used to defray such expenses.

Application — Construction — Severability — 1999 c 230: See notes following RCW 39.53.010 .