81.112.360  <<  81.112.800 >>   81.112.900

Motor vehicle excise taxOutstanding bondsRetirement, defeasement, and refinancing.

In order to effectuate the policies, purposes, and intent of chapter 1, Laws of 2020 and to ensure that the motor vehicle excise taxes repealed by chapter 1, Laws of 2020 are no longer imposed or collected, an authority that imposes a motor vehicle excise tax under *RCW 81.104.160 must fully retire, defease, or refinance any outstanding bonds issued under this chapter if:
(1) Any revenue collected prior to **December 5, 2019, from the motor vehicle excise tax imposed under *RCW 81.104.160 has been pledged to such bonds; and
(2) The bonds, by virtue of the terms of the bond contract, covenants, or similar terms, may be retired or defeased early or refinanced.
[2020 c 1 § 12 (Initiative Measure No. 976, approved November 5, 2019).]

NOTES:

Reviser's note: *(1) RCW 81.104.160 will be repealed by 2020 c 1 (Initiative Measure No. 976) § 11 when the contingency provided in 2020 c 1 (Initiative Measure No. 976) § 16 occurs.
**(2) "December 5, 2019," has been substituted for "the effective date of this section." However, see Garfield Cnty. Transp. Auth., et. al v. State, No. 19-2-30171-6 (King County Superior Court).
(3) As to the effectiveness of this section, see Garfield Cnty. Transp. Auth., et. al v. State, No. 19-2-30171-6 (King County Superior Court). As of December 10, 2019, appeals remain ongoing.
FindingsIntentConstructionShort title2020 c 1 (Initiative Measure No. 976): See notes following RCW 46.17.347.
Site Contents
Selected content listed in alphabetical order under each group