28A.335.100 - School district associations' right to mortgage or convey money security interest in association property -- Limitations. - Washington Statutes

School district associations' right to mortgage or convey money security interest in association property — Limitations.

Any association established by school districts pursuant to the interlocal cooperation act, chapter 39.34 RCW for the purpose of jointly and cooperatively purchasing school supplies, materials and equipment, if otherwise authorized for school district purposes to purchase personal or real property, is authorized to mortgage, or convey a purchase money security interest in real or personal property of such association of every kind, character or description whatsoever, or any interest in such personal or real property: PROVIDED, That any such association shall be prohibited from causing any creditor of the association to acquire any rights against the property, properties or assets of any of its constituent school districts and any creditor of such association shall be entitled to look for payment of any obligation incurred by such association solely to the assets and properties of such association.

[2006 c 263 § 912; 1975-'76 2nd ex.s. c 23 § 1. Formerly RCW 28A.58.0401.]

Notes: Findings -- Purpose -- Part headings not law -- 2006 c 263: See notes following RCW 28A.150.230.