During the 1999 Legislative Session, the Washington State Legislature passed Senate Joint Resolution 8206, effectively creating a Washington State school district credit enhancement program.  The program’s purpose is to provide savings to state taxpayers by pledging the full faith and credit of the state of Washington to the payment of voter-approved school district general obligation bonds.

The approved legislation carries two components:  1) a constitutional amendment to clarify that the state is pledging its full faith and credit to bonds issued under the program; and 2) implementing language for the guarantee program.  Since the program authorization required a constitutional amendment, the proposed law was submitted to a vote of the electorate. Washington voters passed the constitutional amendment in November 1999 by a vote of 60% to 40%.  The program is authorized in chapter 39.98 RCW.

The School Bond Guarantee Program was developed under the direction of the State Treasurer.  The Treasurer convened an Advisory Group to assist in legal drafting, policy discussions and legislative strategy.  The Advisory Group included staff members from the Office of the State Treasurer, statewide school district representatives, assistant attorney general, bond lawyers and financial advisors.

For more information contact Pam Johnson at 360-902-9021.

How to apply—Washington Administrative Code and Application Form

School Bond Guarantee Application (Word Format)

Continuing Disclosure Certificate

Program Description for POS/OS in Word

Program Description for POS/OS in PDF

Checklist for School Bond Guarantee Application

Qualified School Districts

Bonds Issued Under the Program

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