Washington Code 39.84.170 – Implementation of economic development programs by port district — Use of nonprofit corporations — Transfer of funds
Current as of: 2023 | Check for updates
|
Other versions
Funds received by a port district under RCW 39.84.130 may be transferred to a nonprofit corporation created or re-created for the exclusive purpose of providing training, education, and general improvement to the public sector management skills necessary to implement the economic development programs of the port district. The nonprofit corporation selected for that purpose may be, without limitation, a corporation formed by the Washington public ports association.
Terms Used In Washington Code 39.84.170
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Improvement: means reconstruction, remodeling, rehabilitation, extension, and enlargement; and "to improve" means to reconstruct, to remodel, to rehabilitate, to extend, and to enlarge. See Washington Code 39.84.020
Any nonprofit corporation selected for the purposes of this section must have tax exempt status under 26 U.S.C. § 501(c)(3).
Transfers and expenditures of funds shall be deemed to be for industrial development and trade promotion as provided in Article VIII, section 8 of the Washington state Constitution.
Nothing in this chapter shall be construed to prohibit the receipt of additional public or private funds by a nonprofit corporation for the purposes described in this section.
[ 2000 c 198 § 2.]