Washington Code 47.10.819 – Issuance and sale of general obligation bonds
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In order to provide funds necessary for the location, design, right-of-way, and construction of selected interstate and other highway improvements, there shall be issued and sold upon the request of the secretary of the department of transportation a total of one hundred million dollars of general obligation bonds of the state of Washington for the following purposes and specified sums:
Terms Used In Washington Code 47.10.819
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Secretary: means the secretary of transportation as provided for in RCW 47. See Washington Code 47.01.021
(1) Not to exceed twenty-five million dollars to pay the state’s and local governments’ share of matching funds for the ten demonstration projects identified in the Intermodal Surface Transportation Efficiency Act of 1991.
(2) Not to exceed fifty million dollars to temporarily pay the regular federal share of construction in advance of federal-aid apportionments as authorized by this section.
(3) Not to exceed twenty-five million dollars for loans to local governments to provide the required matching funds to take advantage of available federal funds. These loans shall be on such terms and conditions as determined by the secretary of the department of transportation, but in no event may the loans be for a period of more than ten years. The interest rate on the loans authorized under this subsection shall be equal to the interest rate on the bonds sold for such purposes.
NOTES:
Effective date—2006 c 334: See note following RCW 47.01.051.