Washington Authorization to increase bonded indebtedness
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How to fill out Authorization To Increase Bonded Indebtedness?
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FAQ
Munis can generally be classified into two camps?general obligation bonds and revenue bonds. General obligation, or GO, bonds are backed by the general revenue of the issuing municipality, while revenue bonds are supported by a specific revenue source, such as income from a toll road or sewer system.
Constitutional debt limits Debt that is not voter-approved is limited to 1.5 percent of assessed valuation for all local jurisdiction types. When debt has been approved by three-fifths of the voters, total allowable debt increases to 5 percent of assessed valuation.
General Obligations: General obligations are backed by the full faith and credit of the municipal issuer. We insure G.O. bonds that are supported by a pledge to levy either unlimited or limited ad valorem property taxes to cover debt service.
General obligation bonds are state and local government bonds backed by the full faith and credit of the issuing political entity, while revenue bonds are state and local government bonds sold to finance specific revenue-producing projects.
As a subcategory of the excess levy, a general obligation bond is backed by the taxing district's ability to levy tax. The taxing district must receive voter approval to issue a general obligation bond. The district can levy an amount sufficient to pay principal and interest for the bonded debt.
In simple terms that means the bonds are backed by the state or local government's ability to tax, and to raise taxes if necessary, in order to pay bondholders. For states, this power comes in the form of state income taxes and/or a sales tax.
Definition: General Obligation (GO) bonds are a form of long-term borrowing in which the state issues municipal securities and pledges its full faith and credit to their repayment. Bonds are repaid over many years through semi-annual debt service payments.
In Washington, written contract disputes have a statute of limitations of six years and oral contracts have a statute of limitations of three years. These laws are part of 4.16 RCW.