RCW 39.53.060
Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.
Prior to the application of the proceeds derived from the sale of refunding bonds to the purposes for which such bonds have been issued, such proceeds, together with any other funds the governing body may set aside for the payment of the bonds to be refunded, may be invested and reinvested only in government obligations maturing or having guaranteed redemption prices at the option of the holder at such time or times as may be required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the refunding plan. To the extent incidental expenses have been capitalized, such bond proceeds may be used to defray such expenses.
[ 1999 c 230 § 6; 1973 1st ex.s. c 25 § 4; 1965 ex.s. c 138 § 7.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
Structure Revised Code of Washington
Title 39 - Public Contracts and Indebtedness
Chapter 39.53 - Refunding Bond Act.
39.53.020 - Issuance authorized—Purposes—Saving to public body, criteria.
39.53.030 - Refunding bonds may be exchanged for bonds to be refunded or sold.
39.53.040 - What bonds may be refunded—Refunding plans—Redemption of refunding bonds.
39.53.045 - Bonds payable from special assessments—Not subject to refunding.
39.53.100 - Use of deposit moneys and investments in computing indebtedness.
39.53.110 - Refunding and other bonds may be issued in combination.
39.53.130 - Amendment of power contracts pursuant to refunding of certain bond issues.