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Public Finance : Newsstand
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Municipal Securities Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Reform Alert, by Stacey H. Crawshaw-Lewis, Deanna L. Gregory, Carol Juang McCoog. August 2, 2010.
On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The Dodd-Frank Act includes several provisions of potential interest to participants in the municipal bond market. The Dodd-Frank Act will require registration and regulation of previously unregulated swap and other municipal advisors. The Dodd-Frank Act also addresses the composition and authority of the Municipal Securities Rulemaking Board (the “MSRB”) and funding of the Governmental Accounting Standards Board (“GASB”). Finally, the Dodd-Frank Act directs a number of studies regarding the municipal securities market, including a study to address “the advisability of the repeal or retention of” the Tower Amendment.
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Global Government Solutions 2010: Mid-Year Outlook, K&L Gates Publication, July 2010.
In response to the shifting business and economic relationships worldwide, governments around the globe are actively increasing their involvement in the private sector. Effectively navigating the dynamic relationship between government and business has become a significant concern for organizations large and small.
As a follow up to Global Government SolutionsSM 2010: The Year Ahead report, which published in January, members of the K&L Gates Global Government SolutionsSM initiative have issued a 2010 Mid-Year Outlook, highlighting significant developments over the first six months of the year, and providing further insight into government agendas in wide range of areas, including environmental and energy policies, the implementation of financial regulatory reform and healthcare initiatives, and the changing political landscape around the world.
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SEC Amends Continuing Disclosure Requirements Applicable to Municipal Securities, Public Finance Alert, by Faith L. Pettis, Gülgün Ugur Mersereau. June 2, 2010.
On May 26, 2010, the Securities and Exchange Commission ("SEC") adopted amendments to Rule 15c2-12 (the "Rule") expanding the scope of securities covered, the nature of the events that must be disclosed and the time period in which disclosure must be made.
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Moody’s and Fitch Shift to Global Rating Scales: Recent Recalibrations and Municipal Securities Disclosure Obligations, Public Finance Alert, by Faith L. Pettis, David O. Thompson, Gülgün Ugur Mersereau. April 26, 2010.
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2010 Public Finance Legislative Update, Public Finance Alert, by Stacey H. Crawshaw-Lewis, Deanna L. Gregory, Edward A. McCullough, Faith L. Pettis. April 9, 2010.
This update provides a brief overview of recent federal and state legislation of interest to Washington state and municipal entities (primarily from a public finance perspective). Please let us know if you have any questions or would like more information regarding any of the following.
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Build America and Recovery Zone Economic Development Bonds Update: Compliance Questionnaires and Direct Deposit Option, Public Finance and Tax Alert, by Edward A. McCullough, Deanna L. Gregory. February 19, 2010.
The Internal Revenue Service (the "IRS") recently announced that it has initiated its compliance project to evaluate the post-issuance and record retention policies, procedures and practices of issuers of Build America Bonds and Recovery Zone Economic Development Bonds issued under the Internal Revenue Code of 1986, as amended (the "Code"). As part of the IRS' efforts to promote compliance with the requirements applicable to these types of bonds under the Code, the IRS' compliance check is a review of the issuer's recordkeeping and adherence to certain requirements related to the use of the proceeds of the bonds, the use of bond-financed property, arbitrage yield restriction, and rebate - it is not an audit or investigation.
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Outline of Requirements for the Organization and Management of Political Committees Under Federal and Pennsylvania Law, K&L Gates Publication, by Raymond P. Pepe. Updated February 2010.
Presentation to the Central Pennsylvania Chapter of the American Corporate Counsel Association providing concise checklist of requirements for the organization and management of political committees organized by corporations, labor unions and nonprofit associations for the purpose or raising funds to use to make contributions to candidates for election to federal office and state office in the Commonwealth of Pennsylvania.
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Doing Business with Pennsylvania State Government: A Guide to Laws, Regulations and Policies Governing Contacts with Public Officials and Employees, K&L Gates Publication, by Raymond P. Pepe. Updated January 2010.
Presentation to the Central Pennsylvania Chapter of the American Corporate Counsel Association on December 9, 2009, that reviews lobbying, campaign finance, ethics, and contracting laws governing contacts with state officials and employees.
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Global Government Solutions 2010 - The Year Ahead, K&L Gates Publication, January 2010.
2009 brought a further transformation in the relationship between business and government. Regardless of political systems or philosophies, governments around the world became more dynamic and intrusive in response to the financial crisis.
This 2010 Annual Report, prepared by members of the K&L Gates Global Government Solutions initiative, contains concise articles that seek to forecast likely government actions and priorities regarding a broad spectrum of topics.
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K&L Gates’ Global Government Solutions Help Businesses Deal with Government’s Expanding Role, October 21, 2009.
K&L Gates has launched a Global Government Solutions initiative to assist clients in managing the threats and opportunities presented by government authorities around the world.
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Pennsylvania Adopts Code of Conduct and “Pay to Play” Restrictions on the Award of Financial Services Contracts by Municipal Pension Funds: Inconsistencies and Omissions in the Code May Pose Significant Problems, Investment Management and Public Policy Alert, by Raymond P. Pepe. October 8, 2009.
The Alert reviews a new Code of Conduct for the procurement of financial services by Pennsylvania's more than 2,100 separately administered municipal pension funds that will take effect on December 17, 2009. The new law requires the competitive procurement of professional services; requires the disclosure of the use of agents and lobbyists by contractors; limits communications between agents and lobbyists with pension officials; restricts political contributions and gifts made by contractors; and imposes significant sanctions for violations. Because the Code of Conduct contains numerous inconsistencies and omissions and does not preclude the adoption of stricter standards to individual pension systems, it create burdensome and difficult challenges for persons providing professional services to municipal pension funds unless the Code of Conduct is supplemented with uniform statewide policies or regulations.
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Superior Court Denies I-1033 Sponsors’ Challenge to Fiscal Impact Statement, Appellate, Constitutional and Governmental Litigation and Public Finance Alert, by Paul J. Lawrence, B. Gerald Johnson, Marla L. Zink. September 11, 2009.
Thurston County Superior Court Judge Richard D. Hicks this morning denied the court order the sponsors of Initiative 1033 ("I-1033") sought to require changes to the fiscal impact statement that will appear in the voters' pamphlet this fall. I-1033-a form of taxpayer bill of rights ("TABOR") legislation-would limit the growth of state, county and city general fund revenues received from taxes, fees, and other charges not expressly approved by the voters. The drafters and sponsors of I-1033, led by Tim Eyman, filed a petition on September 1, 2009 seeking a court order requiring the Office of Financial Management ("OFM") to revise its fiscal impact statement and requiring the Secretary of State not to publish the fiscal impact statement submitted by OFM in the official State Voters' Pamphlet. Judge Hicks heard argument and ruled orally that the court had no authority to order OFM to revise a fiscal impact statement that (a) is not clearly erroneous; (b) followed the statutory procedures (including consultation with the Attorney General's Office); and (c) was in the sound, objective judgment of the State officials tasked by the Legislature to determine the projected fiscal impact of measures appearing on the ballot. The decision ensures that the fiscal impact statement will be included in the voters' pamphlet without delay and provides some security going forward that the drafting of fiscal impact statements will remain an objective, non-political process.
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Initiative No. 1033 – an Initiative Limiting State, County and City Revenue, Public Finance Alert, by Stacey H. Crawshaw-Lewis, B. Gerald Johnson, Matthew J. Segal, Deanna L. Gregory. August 4, 2009.
The Washington Secretary of State has certified Initiative No. 1033 (“I-1033”), the latest initiative sponsored by Tim Eyman, for the November 2009 ballot. If approved by Washington voters, I-1033 would limit the growth of state, county and city “general fund” revenues received from taxes, fees, and other charges not expressly approved by the voters. I-1033 would apply to general fund revenues, commencing with general fund revenues received in 2010 with the limit set at the 2009 level, adjusted as described below. I-1033 applies only to the state, counties and cities, and would not directly apply to ports, public utility districts, transit districts, and other governmental entities.
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SEC Approves Proposed Changes to Rule 15c2-12, Public Finance Alert, by Faith L. Pettis. July 21, 2009.
The Securities and Exchange Commission ("SEC") voted unanimously on July 15, 2009 to propose amendments to Rule 15c2-12 (the "Rule"). The SEC will accept comments on the proposed requirements for 45 days after the amendments are published in the Federal Register.
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Washington Supreme Court Weighs in on Constitutional Regulation of Temporary Homeless Encampments, Appellate, Constitutional and Governmental Litigation and Public Finance Alert, by Paul J. Lawrence, Matthew J. Segal, Stephen A. Smith, Stacey H. Crawshaw-Lewis, Deanna L. Gregory, David O. Thompson, Cynthia M. Weed. July 16, 2009.
Today, the Washington Supreme Court issued its long-pending decision on constitutional challenges to the regulation of Tent City, a temporary homeless encampment generally hosted by religious organizations throughout the Puget Sound region. Such encampments have also been the subject of continuing statewide legislative efforts.
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Tax Increment Financing “Lite": The Washington Legislature Tries Again, Public Finance Alert, by Stacey H. Crawshaw-Lewis. July 2, 2009.
This past legislative session, the Washington legislature adopted and the Governor signed Chapter 270, 2009 Laws, permitting Washington municipalities to form “revitalization areas” to finance public infrastructure designed to attract private investment and economic development (the “Local Revitalization Statute”).
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Updated: New Bond Financing Options – Build America Bonds and Recovery Zone Bonds, Public Finance and Tax Alert, by Edward A. McCullough, David O. Thompson, Stephanie D. Anderson. June 19, 2009.
Since our last distribution discussing new bond financing options authorized by the American Recovery and Reinvestment Act, the IRS has provided additional interim guidance on Build America Bonds, Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds. In addition, the United States Treasury allocated $10 billion of the Recovery Zone Economic Development Bonds and $15 billion of the Recovery Zone Facility Bonds to all 50 states, the District of Columbia and American territories and then made suballocations to certain counties and large municipalities.
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New Taxable Bond Financing Option – Build America Bonds, Public Finance and Tax Alert, by Edward A. McCullough, David O. Thompson, Stephanie D. Anderson. May 7, 2009.
The American Recovery and Reinvestment Tax Act of 2009 (the “Stimulus Act”) creates a new category of municipal bonds — “Build America Bonds” — that provide tax benefits to issuers and investors different from the tax benefits provided by conventional tax-exempt municipal bonds. During 2009 and 2010, state and local government issuers may elect to issue their otherwise tax-exempt governmental (not private activity) bonds as Build America Bonds.
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Update on Municipal Bond Insurer Downgrades, Public Finance Alert, by Deanna L. Gregory, David O. Thompson. April 29, 2009.
In November 2008, Moody's Investors Service Inc. ("Moody's") downgraded the last two triple-A rated municipal bond insurers - Financial Security Assurance Inc. ("FSA") and Assured Guaranty Corporation ("Assured Guaranty"). Moody's lowered FSA to Aa3 with a developing outlook, and Assured Guaranty to Aa2 with a stable outlook. Standard & Poor's has not downgraded FSA or Assured Guaranty at this time.
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New Law Gives Washington Charitable and Educational Institutions Flexibility in Managing Endowments, Tax-Exempt Organizations and Public Finance Alert, by Tamara L. Watts, Joanna R. Valeri, Stacey H. Crawshaw-Lewis. April 29, 2009.
The Uniform Prudent Management of Institutional Funds Act (UPMIFA) was passed by both houses of the legislature last week and is expected to be signed into law shortly. The new law will go into effect on July 1, 2009, but an emergency clause in the bill permits institutions to elect to be governed by the new law immediately, if they so choose.
UPMIFA, a model act already adopted by a majority of states, gives colleges, universities, hospitals, foundations, and other nonprofit institutions more flexibility in managing their endowments and other institutional funds. The new law updates the 35-year-old Uniform Management of Institutional Funds Act (UMIFA) (codified at Chapter 24.44 RCW). UPMIFA establishes a new, more modern standard of prudence for the management of invested charitable funds. Like UMIFA, UPMIFA applies to organizations organized and operated exclusively for charitable purposes, including nonprofit corporations and government subdivisions or agencies, as well as certain kinds of charitable trusts.
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Washington Supreme Court Holds the Statute of Limitations Does Not Apply to Safeco Field Construction, Construction and Engineering Alert, by Athan E. Tramountanas, Thomas H. Wolfendale, Jesse O. Franklin IV. March 26, 2009.
The Washington Supreme Court recently issued a decision in Washington State Baseball Stadium Pub. Facilities Dist. v. Huber Hunt & Nichols-Kiewit Const. Co. that may have far-reaching impact on other public construction projects. In that case, the Court held the statute of limitations does not apply to claims regarding the construction of Safeco Field brought by the owner, the Washington State Baseball Stadium Public Facilities District (the "PFD"), because the construction was for the common good of the state.
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Potential Impacts of the Federal Stimulus Legislation on Municipal Bond Issuers, Public Finance Alert, by Edward A. McCullough, Jennifer B. Córdova. February 17, 2009.
Earlier this afternoon, President Obama signed into law the American Recovery and Reinvestment Tax Act of 2009 ("ARRA"). ARRA includes economic incentives for almost everyone, and issuers of tax-exempt bonds are among the intended beneficiaries. Among the many provisions of this stimulus legislation are several provisions that may affect municipal issuers of tax-exempt bonds and tax credit bonds.
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Continuing Disclosure through EMMA: Changes Coming July 1, 2009 for Municipal Bond Issuers, Public Finance Alert, by David O. Thompson. February 5, 2009.
After July 1, 2009, municipal bond issuers must change how they handle their continuing disclosure obligations under Rule 15c2-12. Rule 15c2-12 is the rule established by the federal Securities and Exchange Commission ("SEC") in 1995 that requires certain municipal bond issuers to provide annual financial information and notice of certain events relating to their bonds. The SEC has amended Rule 15c2-12 and taken other actions that, together, will affect both issuers of outstanding municipal bonds and issuers who issue bonds after July 1.
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SEC Provides Guidance for Ongoing Disclosure when Bond Insurers are Downgraded, Public Finance Alert, by Deanna L. Gregory, David O. Thompson. August 11, 2008.
In a February 7, 2008 statement, the Securities and Exchange Commission (the “SEC”) has clarified that issuers of insured municipal bonds must comply with their ongoing disclosure obligations if the ratings on those bonds are downgraded as a result of a downgrade of the bond insurer. A number of municipal bond insurers have been under scrutiny by the rating agencies recently because of their liabilities resulting from defaults in the subprime mortgage securities markets.
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March 1, 2008 Deadline for IRS Voluntary Closing Agreement Program for Tax-Exempt Advance Refunding Bond Proceeds Invested in Float Agreements, Public Finance Alert, by Edward A. McCullough, David O. Thompson, Deanna L. Gregory. January 30, 2008.
In late 2007, the Internal Revenue Service (the “IRS”) announced the creation of a Tax-Exempt Bond Voluntary Closing Agreement Program (“VCAP”) for state and local governments that entered into a forward float agreement or similar arrangement (“Float Agreement”) in connection with the issuance of tax-exempt advance refunding bonds. The IRS contends that certain Float Agreements were mispriced and that this may cause the bonds to be “arbitrage bonds” under the Internal Revenue Code of 1986, as amended (the “Code”), which would not be tax-exempt.
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Levy Lid Lifts: 2007 Update, Public Finance Update, by Stacey H. Crawshaw-Lewis, Deanna L. Gregory. December 5, 2007.
On November 29, 2007 in a special legislative session the Washington State Legislature overwhelmingly approved HB 2416 reinstating the 101 percent property tax limit factor approved by the voters under Initiative 747. The special session was held in response to the November 8, 2007 Washington State Supreme Court ruling invalidating Initiative 747. Since the voters approved Initiative 747, most taxing districts have been subject to a 101 percent levy lid. The new legislation restores the status quo prior to the Supreme Court’s ruling.
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School District Finance Legislation, Public Finance Alert, by Denise L. Stiffarm. May 2007.
In the 2007 Session, the Legislature approved Engrossed House Joint Resolution 4204, proposing an amendment to the Washington State Constitution to provide for a simple majority (50 percent +1) of voters to authorize excess capital, maintenance and operation, and transportation levies for school districts. Under current law, school levies must receive at least 60 percent voter approval. EHJR 4204 also proposes removing the current requirement that the number of voters that turn out for the election exceed 40 percent of the voters who voted in the school district’s last general election.
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Renewed Authority for Alternative Public Works Project Delivery in Washington State, Public Finance Alert, by Thomas H. Wolfendale. May 2007.
Effective July 1, 2007, all public agencies, in statutorily defined scenarios, in Washington State are eligible to use design-build ("DB") and general contractor/construction manager ("GC/CM") project delivery methods. In addition, selected public agencies are eligible to use job order contracting. This reauthorization of Chapter 39.10 RCW represents an expanded use of these methods among a wider array of public agencies. Over the years, Chapter 39.10 RCW has gradually encompassed more public agencies, beginning with its initial limitations to only large agencies to the current allowance (with the exception of job order contracting) for all public bodies defined as "any general or special purpose government, including but not limited to state agencies, institutions of higher education, counties, cities, towns, ports, school districts, and special purpose districts." Following statutorily required approval, public agencies are authorized to use DB and GC/CM for projects valued at $10 million or more, approved GC/CM projects under $10 million, and DB for parking garages, pre-engineered metal buildings or prefabricated modular buildings, regardless of cost.
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Public Facilities Districts, Public Finance Alert, by Stacey H. Crawshaw-Lewis, Deanna L. Gregory, B. Gerald Johnson, Jay A. Reich. May 2007.
Public facilities districts (“PFDs”) are municipal corporations created by a city or county to perform specific statutory functions. RCW 35.57.010 (the “City PFD Statute”); 36.100.010 (the “ County PFD Statute”). Under the City PFD Statute, PFDs can also be created jointly by a number of contiguous cities or by a combination of such cities and counties. Prior to 2007, cities in King County were not eligible to create PFDs; the 2007 legislature amended RCW 35.57.010 to permit King County cities with a total population between 80,000 and 115,000 (basically, Kent and Federal Way) to form PFDs, if the city commences construction of a regional center prior to July 1, 2008. Certain PFDs are created under their own enabling legislation. The following section discusses PFDs created under the generic PFD statutes mentioned in the beginning of this paragraph.
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Financing Public Infrastructure under the LIFT Statute, Public Finance Alert, by Stacey H. Crawshaw-Lewis, Deanna L. Gregory. May 2007.
The Local Infrastructure Financing Tool (“LIFT”) program provides a form of tax increment financing for public infrastructure projects within revenue development areas (“RDAs”) created by a local government.
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Claims Filing Statute Update: What Action do Local Governments Need to Take?, K&L Gates Public Finance Alert, by Denise L. Stiffarm, B. Gerald Johnson. May 2007.
Recently, our public agency clients have requested clarification regarding the Claims Filing Statute, Chapter 4.96 RCW. This e-alert outlines the current statutory framework and identifies the affirmative action required on the part of each local governmental entity to designate, by formal filing, a registered agent.
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Bell, Boyd Elects Associates to Partnership, A Bell, Boyd & Lloyd press release, January 2007.
Bell, Boyd & Lloyd LLP (now K&L Gates) has elected fourteen of the firm's associates to partnership effective January 1, 2007. Twelve of the associates are resident in the Chicago office and two are resident in Washington DC.
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MSRB Seeks Comments on Potential Rules Changes Related to Electronic Official Statements, Preston Gates & Ellis Public Finance Alert, September 1, 2006.
The MSRB has proposed an "access equals delivery" system for official statements related to new municipal bond offerings (MSRB Notice 2006-19). Under such a system, underwriters would no longer have to deliver paper copies of official statements to customers. Instead the rule would require electronic posting of official statements in a timely manner for customer access. The proposed model aims to increase efficiency and reduce costs within the municipal bond market. A number of open questions remain and the MSRB seeks comment over the next six weeks as it attempts to formulate the exact nature of the proposed changes.
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After the Issue: What You Need to Know, Preston Gates & Ellis LLP Presentation, by Stacey H. Crawshaw-Lewis, Carol Juang McCoog, Edward A. McCullough. July 2006.
What do you need to do after you issue tax-exempt bonds? The Internal Revenue Service requires municipalities that have issued tax-exempt bonds to comply with various rules regarding the spending of bond proceeds, use of financed facilities and payment of arbitrage rebate. In addition, issuers of municipal bonds must comply with requirements for ongoing disclosure imposed by the Securities and Exchange Commission. This presentation will describe the applicable tax rules, common mistakes and the emerging area of electronic disclosure.
Specific issues include:
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Spending and investing bond proceeds
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Arbitrage rebate and the exceptions from rebate
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Calculating arbitrage rebate
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Change in use of bond financed facilities
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Tips to consider when using electronic disclosure
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Update on use of DisclosureUSA
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U.S. Supreme Court Limits First Amendment Protection for Municipal Whistle-blowers, Preston Gates & Ellis Public Finance Alert, by Stephen A. Smith, Timothy J. Sercombe, Douglas S. Parker, Kathleen O. Peterson. June 8, 2006.
On May 30, 2006, the United States Supreme Court decided a case concerning First Amendment claims made by public employees for retaliation by their supervisors, Garcetti v. Ceballos, Supreme Court Docket No. 04-473, 2006 WL 1458026 (U.S.). This case has generated a great deal of media coverage and concern by municipalities and their employees. The purpose of this message is to summarize the Supreme Court's holding and to explain the effect the case may have for public employees.
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Recently Enacted Tax Increase Prevention and Reconciliation Act Aids Issuers, Preston Gates & Ellis Public Finance Alert, by Edward A. McCullough. May 23, 2006.
Conferees from the Senate Finance Committee and House Committee on Ways and Means recently issued the Conference Report for H.R. 4297, the "Tax Increase Prevention and Reconciliation Act of 2005" (the "Act"). The Act was signed by the President last week. Specifically, the Act expands the availability of small-issue manufacturing facility financings, grants some arbitrage relief to state universities and places limits on the use of pooled financings.
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Land Assembly and Disposal by Cities, Preston Gates & Ellis Public Finance Alert, by Deanna L. Gregory, Jay A. Reich. December 1, 2005.
Washington cities face unprecedented financial challenges due to a lingering downturn in the regional economy and the rising costs of their operations, particularly with respect to employee medical benefits. For a growing number of cities, the ability to sustain the current level of basic services is in serious doubt. Given the initiative-based cap on property tax receipts and the already high sales tax rate in Washington, the best hope for many Washington cities to raise additional local tax revenues is to increase the quantity and size of taxable transactions. Cities are trying to encourage retail investment, often in conjunction with townhouse and apartment development, to break the cycle of diminishing taxes and increased costs.
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U.S. Supreme Court Decides Landmark Eminent Domain Case, Preston Gates & Ellis Appellate, Constitutional and Governmental Litigation and Public Finance Alert, by Bart J. Freedman, B. Gerald Johnson, Susan Delanty Jones, Jay A. Reich. July 7, 2005.
On June 23, 2005, the United States Supreme Court decided the most important eminent domain case in decades, Kelo v. City of New London et al., Supreme Court Docket No. 04-108, 2005 WL 1469529 (U.S.Conn.) The case has generated a great deal of media coverage and concern. The purpose of this message is to summarize the Court’s holding and to explain the limited effect the case has at present in the state of Washington.
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Current Tax Developments for Municipal Bonds, Preston Gates & Ellis Public Finance Alert, by Edward A. McCullough. February 8, 2005.
Summary of recent IRS developments affecting issuers and underwriters of tax-exempt bonds.
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Securities and Exchange Commission Approves Use of DisclosureUSA, Preston Gates & Ellis Public Finance Alert, September 23, 2004.
DisclosureUSA recently began operating its web-based central "post office" for issuers of municipal securities that must provide annual financial information pursuant to Securities and Exchange Commission ("SEC") Rule 15c2-12 ("Rule"). This deals with that Rule.
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A Guide to Tax Compliance After Municipal Bond Issuance, Preston Gates & Ellis Public Finance Alert, by Stacey H. Crawshaw-Lewis, Faith L. Pettis, Carol Juang McCoog, Harvey W. Rogers, Michael C. Ormsby, David O. Thompson, Cynthia M. Weed, Gülgün Ugur Mersereau, Deanna L. Gregory, Ann L. Sherman, Edward A. McCullough, Jay A. Reich. July 22, 2004.
Internal Revenue Service rules require municipalities that have issued tax exempt bonds or notes ("bonds") to monitor the spending and investment of bond proceeds and the use of facilities financed with bond proceeds. Certain failures in monitoring can result in the bonds being declared taxable. We recommend ongoing monitoring to comply with these rules.
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Public Development Authorities, Preston Gates & Ellis Public Finance Alert, by Stacey H. Crawshaw-Lewis, B. Gerald Johnson, Faith L. Pettis, Michael C. Ormsby, David O. Thompson, Cynthia M. Weed, Deanna L. Gregory, Jay A. Reich. July 1, 2003.
Public development authorities, or PDAs, can be established by cities or counties pursuant to RCW 35.21.730 et seq. to perform public functions that the creating city or county could perform itself. PDAs are instrumentalities of their creating jurisdiction. PDAs are often created to manage the development and operation of a single project, which the city or county determines is best managed outside of its traditional bureaucracy and lines of authority. The particular project may be entrepreneurial in nature and intersect with the private sector in ways that would strain public resources and personnel.
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