2015 Revised Code of Washington
Title 39 - PUBLIC CONTRACTS AND INDEBTEDNESS
39.110 Local economic development financing.
39.110.070 Prohibited practices.
RCW 39.110.070 Prohibited practices.
Notwithstanding any other provision of this chapter, an authority may not:
(1) Give any municipal or state money or property or loan any municipal or state money or credit to or in aid of any individual, association, company, or corporation, or become directly or indirectly the owner of any stock in or bonds of any association, company, or corporation;
(2) Issue bills of credit or accept deposits of money for time or demand deposit, administer trusts, engage in any form or manner in, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association other than as provided in this chapter;
(3) Be or constitute a bank or trust company within the jurisdiction or under the control of the director of financial institutions, the comptroller of the currency of the United States of America, or the treasury department thereof;
(4) Be or constitute a bank, broker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers' law of the United States of America or the state;
(5) Engage in the financing of housing as provided for in chapter 43.180 RCW;
(6) Engage in the financing of health care facilities as provided for in chapter 70.37 RCW;
(7) Engage in financing higher education facilities as provided for in chapter 28B.07 RCW; or
(8) Exercise any of the powers authorized in this chapter or issue any revenue bonds with respect to any economic development activity unless the economic development activity is located wholly within the boundaries of the municipality under whose auspices the authority is created or unless the economic development activity comprises energy facilities or solid waste disposal facilities which provide energy for or dispose of solid waste from the municipality or the residents thereof.
[2012 c 193 ยง 9.]
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