Inland port district debt

AN ACT Relating to authorizing a narrow modification to 1
indebtedness limits for select inland port districts to ensure 2
continued eligibility for federal funding for rail, power, and other 3
critical public infrastructure improvements; and amending RCW 4
53.36.030. 5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:6
Sec. 1. RCW 53.36.030 and 2023 c 470 s 2094 are each amended to 7
read as follows: 8
(1)(a) Except as provided in (b) of this subsection, a port 9
district may at any time contract indebtedness or borrow money for 10
district purposes and may issue general obligation bonds therefor not 11
exceeding an amount, together with any existing indebtedness of the 12
district not authorized by the voters, of one-fourth of one percent 13
of the value of the taxable property in the district.14
(b) Port districts having less than eight hundred million dollars 15
in value of taxable property during 1991 may at any time contract 16
indebtedness or borrow money for port district purposes and may issue 17
general obligation bonds therefor not exceeding an amount, combined 18
with existing indebtedness of the district not authorized by the 19
voters, of three-eighths of one percent of the value of the taxable 20
property in the district. Prior to contracting for any indebtedness 21
S-3639.4
SENATE BILL 6132
State of Washington 69th Legislature 2026 Regular Session
By Senators Warnick and Valdez
Read first time 01/14/26. Referred to Committee on Local Government.
p. 1 SB 6132
authorized by this subsection (1)(b), the port district must have a 1
comprehensive plan for harbor improvements or industrial development 2
and a long-term financial plan approved by the department of 3
commerce. The department of commerce is immune from any liability for 4
its part in reviewing or approving port district's improvement or 5
development plans, or financial plans. Any indebtedness authorized by 6
this subsection (1)(b) may be used only to acquire or construct a 7
facility, and, prior to contracting for such indebtedness, the port 8
district must have a lease contract for a minimum of five years for 9
the facility to be acquired or constructed by the debt.10
(2) With the assent of three-fifths of the voters voting thereon 11
at a general or special port election called for that purpose, a port 12
district may contract indebtedness or borrow money for district 13
purposes and may issue general obligation bonds therefor provided the 14
total indebtedness of the district at any such time shall not exceed 15
three-fourths of one percent of the value of the taxable property in 16
the district. 17
(3) In addition to the indebtedness authorized under subsections 18
(1) and (2) of this section, port districts having less than two 19
hundred million dollars in value of taxable property and operating a 20
municipal airport may at any time contract indebtedness or borrow 21
money for airport capital improvement purposes and may issue general 22
obligation bonds therefor not exceeding an additional one-eighth of 23
one percent of the value of the taxable property in the district 24
without authorization by the voters; and, with the assent of three-25
fifths of the voters voting thereon at a general or special port 26
election called for that purpose, may contract indebtedness or borrow 27
money for airport capital improvement purposes and may issue general 28
obligation bonds therefor for an additional three-eighths of one 29
percent provided the total indebtedness of the district for all port 30
purposes at any such time shall not exceed one and one-fourth percent 31
of the value of the taxable property in the district.32
(4)(a) In addition to the indebtedness authorized under 33
subsections (1) through (3) of this section, a port district that 34
meets the requirements in (b) of this subsection (4) may at any time 35
contract indebtedness or borrow money for district purposes and may 36
issue general obligation bonds therefor not exceeding an additional 37
0.25 percent of the value of the taxable property in the district 38
without authorization by the voters.39
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(b) In order to contract indebtedness or borrow money as provided 1
in (a) of this subsection (4), the following conditions must be met:2
(i) The port district must have created an increment area under 3
chapter 39.114 RCW;4
(ii) The estimated taxable assessed value within the port 5
district is between $6,000,000,000 and $7,000,000,000 in the calendar 6
year in which the resolution or ordinance establishing the increment 7
area is adopted;8
(iii) In the calendar year in which the resolution or ordinance 9
establishing the increment area is adopted, the estimated taxable 10
assessed value of the properties in the increment area is less than 11
$150,000,000, as specified in the resolution or ordinance 12
establishing the increment area; and13
(iv) Any indebtedness or borrowings under (a) of this subsection 14
(4) must be used for the purpose of financing public improvements 15
under chapter 39.114 RCW.16
(5) Any port district may issue general district bonds evidencing 17
any indebtedness, payable at any time not exceeding fifty years from 18
the date of the bonds. Any contract for indebtedness or borrowed 19
money authorized by ((RCW 53.36.030(1)(b) [subsection (1)(b) of this 20
section])) subsection (1)(b) of this section shall not exceed twenty-21
five years. The bonds shall be issued and sold in accordance with 22
chapter 39.46 RCW. 23
(((5))) (6) Elections required under this section shall be held 24
as provided in RCW 39.36.050. 25
(((6))) (7) For the purpose of this section, "indebtedness of the 26
district" shall not include any debt of a countywide district with a 27
population less than twenty-five hundred people when the debt is 28
secured by a mortgage on property leased to the federal government; 29
and the term "value of the taxable property" shall have the meaning 30
set forth in RCW 39.36.015. 31
(((7))) (8) This section does not apply to a loan made under a 32
loan agreement under chapter 39.69 RCW, and a computation of 33
indebtedness under this chapter must exclude the amount of a loan 34
under such a loan agreement. 35
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