(1) A community renewal agency may establish local improvement districts within the community renewal area, and levy special assessments, in annual installments extending over a period not exceeding twenty years on all property specially benefited by the local improvement, on the basis of special benefits, to pay in whole or in part the damages or costs of the local improvement, and issue local improvement bonds to be paid from local improvement assessments. The formation of the local improvement districts, the determination, levy, and collection of such assessments, and the issuance of such bonds shall be as provided for the formation of local improvement districts, the determination, levy, and collection of local improvement assessments, and the issuance of local improvement bonds by cities and towns, insofar as consistent with this chapter. These bonds may be in any form, including bearer bonds or registered bonds as provided in RCW 39.46.030.

(2) Notwithstanding subsection (1) of this section, the bonds authorized under subsection (1) of this section may be issued and sold in accordance with chapter 39.46 RCW.

Severability—Savings—Construction—2002 c 218: See notes following RCW 35.81.005.