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.
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