Checkmark
Legislation watch
     

Search all years.

2012 Senate Bill 6140: Permitting creation of local economic development finance authorities
Introduced by Sen. Derek Kilmer, (D-Gig Harbor) (D) on January 12, 2012
Authorizes the creation of local economic development finance authorities to act as a financial conduit that,without using state funds or lending the credit of the state or local governments, can issue taxable and nontaxable nonrecourse revenue bonds, and participate in federal, state, and local economic development programs to help facilitate access to needed capital by Washington businesses.   Official Text and Analysis.
Referred to the Senate Economic Developement, Trade & Innovation Committee on January 12, 2012
Substitute offered in the Senate on January 31, 2012
Limits availability of local economic development financing authorities to those jurisdictions that had public corporations issuing industrial development bonds prior to 2012. Removes authorization for export, small business loan pooling and farm finance programs. Removes obligation that WEDFA coordinate with local authorities. Makes technical changes.
The substitute passed by voice vote in the Senate on January 31, 2012
Referred to the Senate Ways & Means Committee on February 1, 2012
Substitute offered in the Senate on February 7, 2012
Prior to issuing the bonds, the authority must obtain a letter of credit certifying the credit worthiness of the borrower. (This does not apply if the bonds are privately placed with an institutional investor.) The local governments creating the authority may not invest in the bonds issued by the authority.
The substitute passed by voice vote in the Senate on February 7, 2012
Referred to the Senate Rules Committee on February 11, 2012
Allows municipalities with public corporations issuing industrial revenue bonds prior to 2012 to create economic development finance authorities to provide nonrecourse revenue bond financing, on a taxable or nontaxable basis, for a variety of economic development activities. This act provides a number of stipulations and regulations regarding the finance authorities.
Received in the House on February 15, 2012
Referred to the House Community Development & Housing Committee on February 15, 2012
Amendment offered in the House on February 20, 2012
Adds language clarifying that certain cities, counties, and port districts are only given the authority to create local economic development finance authorities because of their expertise in tax-exempt nonrecourse revenue bond financing. Removes language stating that the boards of an authority and a public corporation can be composed of the same members. Also, removes language stating that a municipality can obligate an authority to assume responsibilities of a public corporation. Clarifies the credit-related documents that an authority must obtain before issuing bonds. Specifies that a local economic development finance authority's activities, with two exceptions, must take place wholly within the boundaries of the municipality that created the authority.
The amendment passed by voice vote in the House on March 1, 2012
Referred to the House Capital Budget Committee on February 21, 2012
Referred to the House Rules Committee on February 27, 2012
Received in the Senate on March 5, 2012
Signed by Gov. Christine Gregoire on March 29, 2012
Authorizes the creation of local economic development finance authorities that may issue taxable and tax-exempt nonrecourse revenue bond financing for economic development projects, participate in federal and other governmental economic development finance programs, and conduct programs to stimulate and encourage the development of new products.