39.42.130 - Aggregate state debt not to exceed debt limitation -- State finance committee duties. - Washington Statutes

Aggregate state debt not to exceed debt limitation — State finance committee duties.

(1) The state shall not contract any bonds, notes, or other evidences of indebtedness for borrowed money that would cause the aggregate state debt to exceed the debt limitation, as specified in Article VIII, section 1(b) of the state Constitution.

     (2) It shall be the duty of the state finance committee to compute annually the amount required to pay principal of and interest on outstanding debt.

     (3) To the extent necessary because of the state constitutional debt limitation, priorities with respect to the issuance or guaranteeing of bonds, notes, or other evidences of indebtedness by the state shall be determined by the state finance committee.

[2009 c 500 § 2.]

Notes: Effective date -- 2009 c 500: See note following RCW 39.42.070.