52.12.061 - Contracts, promissory notes, deeds of trust, and mortgages for purchase of property -- Limit on indebtedness -- Election, when. - Washington Statutes

Contracts, promissory notes, deeds of trust, and mortgages for purchase of property — Limit on indebtedness — Election, when.

Fire protection districts may execute executory conditional sales contracts, installment promissory notes secured by a deed of trust, or mortgages with a governmental entity or a private party for the purchase or sale of any real or personal property, or property rights: PROVIDED, That the purchase price specified in a contract or promissory note to purchase property does not result in a total indebtedness in excess of three-eighths of one percent of the value of the taxable property in the fire protection district: PROVIDED FURTHER, That if a proposed purchase contract or promissory note would result in a total indebtedness in excess of that amount, a proposition to determine whether that contract or promissory note may be executed shall be submitted to the voters for approval or rejection in the same manner that bond issues for capital purposes are submitted to the voters: AND PROVIDED FURTHER, That a fire protection district may jointly execute contracts, promissory notes, deeds of trust, or mortgages authorized by this section with any governmental entity.

     The term "value of the taxable property" shall have the meaning set forth in RCW 39.36.015.

[1984 c 230 § 27; 1970 ex.s. c 42 § 29; 1965 c 21 § 1. Formerly RCW 52.08.080.]

Notes: Severability -- Effective date -- 1970 ex.s. c 42: See notes following RCW 39.36.015.