WASHINGTON STATUTES AND CODES

28B.20.396 - University tract -- Bonding authority.

University tract — Bonding authority.

Bonds issued pursuant to the authority granted under RCW 28B.20.395:

     (1) Shall not constitute (a) an obligation, either general or special, of the state or (b) a general obligation of the University of Washington or of the board of regents;

     (2) Shall be:

     (a) Either in bearer form or in registered form as provided in RCW 39.46.030, and

     (b) Issued in denominations of not less than one hundred dollars;

     (3) Shall state:

     (a) The date of issue, and

     (b) The series of the issue and be consecutively numbered within the series, and

     (c) That the bond is payable only out of a special fund established for the purpose, and designate the fund;

     (4) Shall bear interest, payable either annually, or semiannually as the board of regents may determine;

     (5) Shall be payable solely out of:

     (a) Revenue derived from operating, managing and leasing the university tract, and

     (b) A special fund, created by the board of regents for the purpose, consisting either of (i) a fixed proportion, or (ii) a fixed amount out of and not exceeding a fixed proportion, or (iii) a fixed amount without regard to any fixed proportion, of the revenue so derived;

     (6) May contain covenants by the board of regents in conformity with the provisions of RCW 28B.20.398(2);

     (7) Shall be payable at such times over a period of not to exceed thirty years, in such manner and at such place or places as the board of regents determines;

     (8) Shall be executed in such manner as the board of regents by resolution determines;

     (9) Shall be sold in such manner as the board of regents deems for the best interest of the University of Washington;

     (10) May be issued under chapter 39.46 RCW.

[1999 c 346 § 6; 1983 c 167 § 33; 1970 ex.s. c 56 § 25; 1969 ex.s. c 232 § 99; 1969 ex.s. c 223 § 28B.20.396. Prior: 1947 c 284 § 3; Rem. Supp. 1947 § 4566-13. Formerly RCW 28.77.370.]

Notes: Purpose -- Construction -- Effective date -- 1999 c 346: See notes following RCW 28B.20.381.

Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.

Purpose -- 1970 ex.s. c 56: See note following RCW 39.52.020.

Validation -- Saving -- Severability -- 1969 ex.s. c 232: See notes following RCW 39.52.020.