Bill > SB6132

This bill makes a narrow modification to the indebtedness limits for certain inland port districts in Washington State to ensure they can continue to qualify for federal funding for crucial public infrastructure projects like rail and power. Specifically, it allows these port districts, under specific conditions, to contract additional indebtedness or borrow money for district purposes, issuing general obligation bonds up to an additional 0.25 percent of their taxable property value without needing voter approval. To qualify for this increased borrowing capacity, the port district must have created an "increment area" (a designated zone for development and tax increment financing under chapter 39.114 RCW), have a taxable property value between $6 billion and $7 billion, and the increment area itself must have a taxable value of less than $150 million. Any funds borrowed under this provision must be used for public improvements within that increment area as defined by chapter 39.114 RCW. This change amends existing law (RCW 53.36.030) which sets limits on how much debt port districts can incur.