39.102.195 - Limitation on use of revenues. - Washington Statutes

Limitation on use of revenues. (Expires June 30, 2039.)

To the extent that amounts received as local excise tax allocation revenues, local property tax allocation revenues, other revenues from local public sources, that are dedicated to local infrastructure financing, and revenues received from the local option sales and use tax authorized in RCW 82.14.475, are set aside in a debt service fund that is pledged to the repayment of bonds, those amounts so set aside and pledged may not be used to pay for public improvement costs on a pay-as-you-go basis after the date that the sponsoring local government that issued the bonds as provided in RCW 39.102.150 is required to begin paying debt service on those bonds, unless and until those bonds to which the amounts have been so pledged have been retired.

[2009 c 267 § 7; 2007 c 229 § 14.]

Notes: Expiration date -- 2009 c 267: See note following RCW 39.102.020.

Application -- Severability -- Expiration date -- 2007 c 229: See notes following RCW 39.102.020.