General obligation bonds

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.

The major difference between an excess levy and a bond is time. A bond has a longer duration than an excess levy. Taxing districts issue bonds to pay for long-term projects such as buildings, infrastructure, schools and sewer systems. Typical bond levies include:

• Construction bonds.
• Transportation vehicle fund bonds.
• Technology bonds.

While several taxing districts have specific statutes authorizing issuance of bonds, many taxing districts fall under the general bond statute, RCW 84.52.056.

Voter-approved bond levies are not subject to the statutory limitations.

General obligation bond ballot titles must contain:

• Identification of the enacting legislative body.
• Statement of the subject matter, not to exceed 10 words.
• A concise description of the measure, not to exceed 75 words.
• The maximum amount of the indebtedness to be authorized.
• The maximum term any bonds may have.
• A description of the purpose or purposes of the bond issue.
• Whether excess property taxes will be levied to pay and retire such bonds.
• A question asking if the ballot measure should be approved.

RCW 29A.36.071, 29A.72.050, 39.36.050