New Financing Authority for Washington Ports, Cities, and Counties


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.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:


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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.