Washington Code 57.20.110 – Limitation of indebtedness
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A district is authorized and empowered by and through its board of commissioners to contract indebtedness for its purposes, and the maintenance thereof not exceeding one-half of one percent of the value of the taxable property in the district, as the term “value of the taxable property” is defined in RCW 39.36.015.
NOTES:
Part headings not law—Effective date—1996 c 230: See notes following RCW 57.02.001.
Severability—Effective date—1970 ex.s. c 42: See notes following RCW 39.36.015.
Limitation on municipal corporation indebtedness: State Constitution Art. 8 § 6.
Terms Used In Washington Code 57.20.110
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- district: means a water-sewer district, a sewer district, or a water district. See Washington Code 57.02.001