(1) A park and recreation district shall have the power to levy excess levies upon the property included within the district, in the manner prescribed by Article VII, section 2, of the Constitution and by RCW 84.52.052 for operating funds, capital outlay funds, and cumulative reserve funds. (2) A park and recreation district 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 such district, as the term "value of the taxable property" is defined in RCW 39.36.015. A park and recreation district may additionally issue general obligation bonds, together with outstanding voter approved and nonvoter approved general obligation indebtedness, equal to one and one-fourth percent of the value of the taxable property within the district, as the term "value of the taxable property" is defined in RCW 39.36.015, when such bonds are approved by three-fifths of the voters of the district at a general or special election called for that purpose and may provide for the retirement thereof by levies in excess of dollar rate limitations in accordance with the provisions of RCW 84.52.056. When authorized by the voters of the district, the district may issue interest bearing warrants payable out of and to the extent of excess levies authorized in the year in which the excess levy was approved. These elections shall be held as provided in RCW 39.36.050. Such bonds and warrants shall be issued and sold in accordance with chapter 39.46 RCW. [ 1994 c 156 s 2; 1984 c 186 s 30; 1983 c 167 s 84; 1981 c 210 s 19; 1977 ex.s. c 90 s 1; 1973 1st ex.s. c 195 s 40; 1970 ex.s. c 42 s 20; 1969 c 26 s 5; 1967 c 63 s 5; 1963 c 4 s 36.69.140. Prior: 1961 c 272 s 5; 1959 c 304 s 6; 1957 c 58 s 14.]
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