77.90.050 - Anticipation notes -- Authorized -- Payment of principal and interest on bonds and notes. - Washington Statutes

Anticipation notes — Authorized — Payment of principal and interest on bonds and notes.

When the state finance committee has decided to issue the bonds or a portion thereof, it may, pending the issuing of the 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 "anticipation notes". The portion of the proceeds of the sale of the bonds as may be required for the purpose shall be applied to the payment of the principal of and interest on the anticipation notes which have been issued. The bonds and notes shall pledge the full faith and credit of the state of Washington and shall contain an unconditional promise to pay the principal and interest when due. The state finance committee may authorize the use of a printed facsimile of the seal of the state of Washington in the issuance of the bonds and notes.

[1983 1st ex.s. c 46 § 167; 1977 ex.s. c 308 § 7. Formerly RCW 75.48.070.]