28B.10.852 - Capital improvements, bonds for -- Bond anticipation notes, purpose. - Washington Statutes

Capital improvements, bonds for — Bond anticipation notes, purpose.

At the time the state finance committee determines to issue such bonds or a portion thereof, it may, pending the issuing of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be derived from the sale of the bonds, which notes shall be designated as "bond anticipation notes". Such portion of the proceeds of the sale of such bonds that may be required for such purpose shall be applied to the payment of the principal of and interest on such anticipation notes which have been issued. The proceeds from the sale of bonds or notes authorized by RCW 28B.10.850 through 28B.10.855 shall be deposited in the state higher education construction account in the state treasury and shall be used exclusively for the purposes specified in RCW 28B.10.850 through 28B.10.855 and for the payment of expenses incurred in the issuance and sale of the bonds.

[1985 c 57 § 12; 1973 1st ex.s. c 135 § 3.]

Notes: Effective date -- 1985 c 57: See note following RCW 18.04.105.

Severability -- 1973 1st ex.s. c 135: See note following RCW 28B.10.850.