Chapter 39.90 RCW

VALIDATION OF BONDS AND FINANCING PROCEEDINGS

Sections

39.90.010Definition.
39.90.020Validation of bonds, proceedings for issuance, sales, etc.
39.90.030Validation of proceedings to finance or aid in financing.
39.90.050Revenue bondsSale or issuance with greater interest rate than that specified authorized.
39.90.060Validation of debts, contracts and obligations regardless of interest rates.

NOTES:

Cities and towns
sewerage system bonds validated: RCW 35.67.194.
validating indebtedness: Chapter 35.40 RCW.
City and county armory sites: Chapter 36.64 RCW.
Counties: Chapter 36.67 RCW.
County road bonds: RCW 36.76.080.
Funding bonds, validation: RCW 39.52.015.
Irrigation district bonds, validating: See note following RCW 87.19.005.
Metropolitan park districts, validating bonds: See note following RCW 35.61.010.
Municipal utilities, validating bond proceedings: See notes following RCW 35.92.010.
School districts
validating bonds proceedings: RCW 28A.530.010, 28A.530.020, and note following RCW 39.36.020.
validating indebtedness: Chapter 28A.535 RCW.
Second-class cities, validating bonds and proceedings: See note following RCW 35.23.545.


Definition.

As used in this chapter, the term "public body" means any city, town, district or other governmental agency created by or under the laws of this state.
[ 1947 c 242 § 1; Rem. Supp. 1947 § 5616-20.]



Validation of bonds, proceedings for issuance, sales, etc.

All bonds heretofore issued for the purpose of financing or aiding in the financing of any work, undertaking, or project by any public body, including all proceedings for the authorization and issuance of such bonds, and the sale, execution, and delivery thereof, are hereby validated, ratified, approved, and confirmed, notwithstanding any lack of power (other than constitutional) of such public body, or the governing body or commission or officers thereof, to authorize and issue such bonds, or to sell, execute, or deliver the same, and notwithstanding any defects or irregularities (other than constitutional), including the failure to publish notices of elections, in such proceedings, or in such sale, execution or delivery, and notwithstanding that such governing body or commission or officers may not have been elected, appointed or qualified for the offices they purported to hold; and such bonds are and shall be binding, legal, valid, and enforceable obligations of such public body.
[ 1947 c 242 § 2; Rem. Supp. 1947 § 5616-21.]



Validation of proceedings to finance or aid in financing.

All proceedings which have been taken prior to March 19, 1947, for the purpose of financing or aiding in the financing of any work, undertaking, or project by any public body, including all proceedings for the authorization and issuance of bonds and for the sale, execution, and delivery thereof, are hereby validated, ratified, approved, and confirmed, notwithstanding any lack of power (other than constitutional) of such public body, or the governing body or commission or officers thereof, to authorize and issue such bonds, or to sell, execute, or deliver the same, and notwithstanding any defects or irregularities (other than constitutional) in such proceedings.
[ 1947 c 242 § 3; Rem. Supp. 1947 § 5616-22.]



Revenue bondsSale or issuance with greater interest rate than that specified authorized.

All revenue bonds, the issuance of which was authorized or ratified at a general or special election held within the issuing jurisdiction prior to July 1, 1970 or the proposition for the issuance of which will be submitted at such an election pursuant to action of the legislative authority of the issuer taken prior to July 1, 1970, may be sold and issued with an interest rate or rates greater than any interest rate restriction contained in the ballot proposition or ordinance or resolution relating to such authorization or ratification.



Validation of debts, contracts and obligations regardless of interest rates.

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:

SeverabilityNomenclatureSavings1977 ex.s. c 169: See notes following RCW 28B.10.016.