Second Substitute Senate Bill 6140 (SB 6140) was signed by Governor Gregoire on March 29, 2012. The new law allows certain municipalities to establish local economic development finance authorities (“authorities”) with the power to issue both taxable and tax-exempt nonrecourse revenue bonds. The law takes effect on June 7, 2012.
Under prior law, municipalities had the capacity since 1981 to create public corporations with the authority to issue tax-exempt nonrecourse revenue bonds for industrial development (typically manufacturing and processing facilities). Those public corporations have not had the power to offer taxable revenue bonds.
Please see full alert below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Published In:
Administrative Law Updates, Finance & Banking Updates, Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© K&L Gates LLP | Attorney Advertising
