The board of directors of any irrigation district may, by resolution, without submitting
the matter to the voters of the district, provide for the issuance of refunding revenue
bonds to refund one or more of the following: Outstanding assessment bonds, revenue
bonds, contracts with the United States or state of Washington, or any part thereof,
and all outstanding local improvement district bonds, at maturity thereof, or before
maturity thereof if they are subject to call for prior redemption or if all of the
owners thereof consent thereto. The refunding bonds shall be issued in the manner and for the purposes set forth
in chapter 39.53 RCW.
Whenever district bonds or contracts payable in whole or part from assessments have
been refunded pursuant to this section, all assessments remaining unpaid shall thereafter
when collected be paid into the revenue bond redemption fund established for payment
of the refunding revenue bonds, and the cash balances, if any, in the reserve or guaranty
funds for such refunded bonds and the proceeds received from any other assets owned
by such funds shall be used in whole or in part as a reserve or guaranty fund for
the refunding revenue bonds or be transferred in whole or in part to any other funds
of the district as the board of directors may determine. In the event that any warrants are outstanding against the local improvement guaranty
fund of the district at the time of the issuance of such refunding revenue bonds,
said bonds shall be issued in an amount sufficient also to fund and pay such outstanding
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.