Washington Code 43.163.080 – General operating procedures
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(1) The authority shall adopt general operating procedures for the authority. The authority shall also adopt operating procedures for individual programs as they are developed for obtaining funds and for providing funds to borrowers. These operating procedures shall be adopted by resolution prior to the authority operating the applicable programs.
Terms Used In Washington Code 43.163.080
- Authority: means the Washington economic development finance authority created under RCW 43. See Washington Code 43.163.010
- Bonds: means any bonds, notes, debentures, interim certificates, conditional sales or lease financing agreements, lines of credit, forward purchase agreements, investment agreements, and other banking or financial arrangements, guaranties, or other obligations issued by or entered into by the authority. See Washington Code 43.163.010
- Borrower: means one or more public or private persons or entities acting as lessee, purchaser, mortgagor, or borrower who has obtained or is seeking to obtain financing either from the authority or from an eligible banking organization that has obtained or is seeking to obtain funds from the authority to finance a project. See Washington Code 43.163.010
- Plan: means the general plan of economic development finance objectives developed and adopted by the authority, and updated from time to time, as required under RCW 43. See Washington Code 43.163.010
(2) The operating procedures shall include, but are not limited to: (a) Appropriate minimum reserve requirements to secure the authority’s bonds and other obligations; (b) appropriate standards for securing loans and other financing the authority provides to borrowers, such as guarantees or collateral; and (c) strict standards for providing financing to borrowers, such as (i) the borrower is a responsible party with a high probability of being able to repay the financing provided by the authority, (ii) the financing is reasonably expected to provide economic growth or stability in the state by enabling a borrower to increase or maintain jobs or capital in the state, (iii) the borrowers with the greatest needs or that provide the most public benefit are given higher priority by the authority, and (iv) the financing is consistent with any plan adopted by the authority under RCW 43.163.090.
NOTES:
Severability—Effective date—1994 c 238: See notes following RCW 43.163.010.