Washington Code 28B.07.070 – Agreements with participant — Participant’s payment of certain costs and expenses
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In connection with any bonds issued by the authority, the authority shall enter into agreements with participants which shall provide for the payment by each participant of amounts which shall be sufficient, together with other revenues available to the authority, if any, to: (1) Pay the participant’s share of the administrative costs and expenses of the authority; (2) pay the costs of maintaining, managing, and operating the project or projects financed by the authority, to the extent that the payment of the costs has not otherwise been adequately provided for; (3) pay the principal of, premium, if any, and interest on outstanding bonds of the authority issued in respect of such project or projects as the same shall become due and payable; and (4) create and maintain reserves required or provided for in any bond resolution or trust indenture authorizing the issuance of such bonds of the authority. The payments shall not be subject to supervision or regulation by any department, committee, board, body, bureau, or agency of the state other than the authority.
[ 1983 c 169 § 7.]
Terms Used In Washington Code 28B.07.070
- Authority: means the Washington higher education facilities authority created under RCW 28B. See Washington Code 28B.07.020
- Bond resolution: means any resolution of the authority, adopted under this chapter, authorizing the issuance and sale of bonds. See Washington Code 28B.07.020
- Bonds: means bonds, notes, commercial paper, certificates of indebtedness, or other evidences of indebtedness of the authority issued under this chapter. See Washington Code 28B.07.020
- Participant: means a higher education institution which, under this chapter, undertakes the financing of a project or projects or undertakes the refunding or refinancing of obligations, mortgages, or advances previously incurred for a project or projects. See Washington Code 28B.07.020
- Project: means any land or any improvement, including, but not limited to, buildings, structures, fixtures, utilities, machinery, excavations, paving, and landscaping, and any interest in such land or improvements, and any personal property pertaining or useful to such land and improvements, which are necessary, useful, or convenient for the operation of a higher education institution, including but not limited to, the following: Dormitories or other multiunit housing facilities for students, faculty, officers, or employees; dining halls; student unions; administration buildings; academic buildings; libraries; laboratories; research facilities; computer facilities; classrooms; athletic facilities; health care facilities; maintenance, storage, or utility facilities; parking facilities; or any combination thereof, or any other structures, facilities, or equipment so related. See Washington Code 28B.07.020
- Trust indenture: means any agreement, trust indenture, or other similar instrument by and between the authority and one or more corporate trustees. See Washington Code 28B.07.020