RCW 43.163.080
General operating procedures.
(1) The authority shall adopt general operating procedures for the authority. The authority shall also adopt operating procedures for individual programs as they are developed for obtaining funds and for providing funds to borrowers. These operating procedures shall be adopted by resolution prior to the authority operating the applicable programs.
(2) The operating procedures shall include, but are not limited to: (a) Appropriate minimum reserve requirements to secure the authority's bonds and other obligations; (b) appropriate standards for securing loans and other financing the authority provides to borrowers, such as guarantees or collateral; and (c) strict standards for providing financing to borrowers, such as (i) the borrower is a responsible party with a high probability of being able to repay the financing provided by the authority, (ii) the financing is reasonably expected to provide economic growth or stability in the state by enabling a borrower to increase or maintain jobs or capital in the state, (iii) the borrowers with the greatest needs or that provide the most public benefit are given higher priority by the authority, and (iv) the financing is consistent with any plan adopted by the authority under RCW 43.163.090.
[ 1994 c 238 § 2; 1990 c 53 § 5; 1989 c 279 § 9.]
NOTES:
Severability—Effective date—1994 c 238: See notes following RCW 43.163.010.
Structure Revised Code of Washington
Title 43 - State Government—Executive
Chapter 43.163 - Economic Development Finance Authority.
43.163.005 - Purpose—Construction.
43.163.020 - Economic development finance authority created—Membership.
43.163.030 - Small businesses—Funding of export transactions.
43.163.040 - Farmers—Advance financing, agriculture conservation reserve program.
43.163.050 - Pooling of loans.
43.163.060 - Scope of authority's powers—Duties of other agencies.
43.163.080 - General operating procedures.
43.163.090 - Economic development finance objectives plan.
43.163.100 - Powers of the authority.
43.163.110 - Restrictions on authority's activity.
43.163.120 - Staffing, restrictions—Authority not to receive appropriated state funds.
43.163.130 - Nonrecourse revenue bonds—Issuance.
43.163.140 - Nonrecourse revenue bonds—Contracts—Restrictions.
43.163.150 - Nonrecourse revenue bonds—Financing documents, scope.
43.163.160 - Nonrecourse revenue bonds—Money received shall be trust funds.
43.163.170 - Nonrecourse revenue bonds—Owner and trustee, enforcement of rights.
43.163.180 - Nonrecourse revenue bonds as legal investment.
43.163.190 - Chapter as an alternative bond issuance method.
43.163.210 - Nonrecourse revenue bond financing—Economic development activities—New products.