School bond and tax elections in Washington
- To exceed the state mandated levy cap protected by the Washington Constitution
- To issue new bonding.
Laws affecting school finance
Washington bond issue
Under Washington state law, all school districts must seek approval from the Washington State Superintendent of Public Instruction as part of the process of getting a bond issue approved. Also, no bond issue may exceed three-eights of one percent of the district's total valuation of taxable property.
Washington levy limit
The Washington Constitution in Article VII, Section 6 limits any taxing entity including school districts to only up to one and half percent of the value of property. Any school district that seeks to exceed the cap must seek approval from the voters in order to exceed the one percent cap.
School districts can also be indebted up to five percent for the purpose of capital outlays without voter approval.
Washington state is different from other states as they express a state debt limit in percentage form over a millage rate.
Conduct of the bond election, limitations, rules
A three-fifths super-majority vote is needed to pass a election involving the constitutionally protected debt limit.