(1) A park and recreation service area shall have the power to levy annual excess levies upon the property included within the service area if authorized at a special election called for the purpose in the manner prescribed by section 2, Article VII of the Constitution and by RCW 84.52.052 for operating funds, capital outlay funds, and cumulative reserve funds. (2) A park and recreation service area may issue general obligation bonds for capital purposes only, not to exceed an amount, together with any outstanding nonvoter approved general obligation indebtedness, equal to three-eighths of one percent of the value of the taxable property within the service area. Additionally, a park and recreation service area may issue general obligation bonds, together with any outstanding voter approved and nonvoter approved general indebtedness, equal to two and one-half percent of the value of the taxable property within the service area, as the term "value of the taxable property" is defined in RCW 39.36.015, when such bonds are approved by the voters of the service area at a special election called for the purpose in accordance with the provisions of Article VIII, section 6 of the Constitution. Such bonds shall be issued and sold in accordance with chapter 39.46 RCW. Bonds may be retired by excess property tax levies when such levies are approved by the voters at a special election in accordance with the provisions of Article VII, section 2 of the Constitution and RCW 84.52.056. Any elections shall be held as provided in RCW 39.36.050. [ 1994 c 156 s 4. Prior: 1984 c 186 s 29; 1984 c 131 s 8; (1983 c 167 s 271 repealed by 1984 c 186 s 70; and repealed by 1984 c 131 s 10); 1983 c 167 s 83; 1981 c 210 s 10; 1973 1st ex.s. c 195 s 39; 1970 ex.s. c 42 s 19; 1963 c 218 s 13.]
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