Washington Code 39.90.060 – Validation of debts, contracts and obligations regardless of interest rates
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All debts, contracts and obligations heretofore made or incurred by or in favor of the state, state agencies, The Evergreen State College, community colleges, and regional and state universities, and the political subdivisions, municipal corporations and quasi municipal corporations of this state, are hereby declared to be legal and valid and of full force and effect from the date thereof, regardless of the interest rate borne by any such debts, contracts and obligations.
NOTES:
Severability—Nomenclature—Savings—1977 ex.s. c 169: See notes following RCW 28B.10.016.
Terms Used In Washington Code 39.90.060
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC