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Debt Management


Debt Management leads the state's efforts to issue bonds and enter into other financing contracts that support capital construction and transportation projects throughout the state.

Pursuant to state law, the State Finance Committee — comprised of the Governor, Lieutenant Governor and chaired by the Treasurer — authorizes and approves bond sales and financing contracts. The Deputy Treasurer for Debt Management serves as Secretary of the State Finance Committee.

The state's objective is to issue debt at low cost and risk by:

  • Providing for issuance of debt at appropriate intervals and in reasonable amounts that support approved capital expenditures and the state lease/purchase program;
  • Determining the appropriate structure for debt issues;
  • Effectively presenting the state's financial, management, and economic condition to investors and rating agencies;
  • Assuring the state complies with Internal Revenue Service (IRS), Securities and Exchange Commission (SEC), and Municipal Securities Rulemaking Board (MSRB) rules and regulations governing debt issuances; and
  • Refunding debt, as appropriate.

Debt Affordability Study

Debt Management Documents

Bond and Disclosure Counsel

Foster Pepper PLLC
1111 Third Avenue Bldg., Suite 3400
Seattle, WA 98101
Phone: 206.447.8961

Financial Advisors

Montegue DeRose Associates
3100 Oak Road, Suite 210
Walnut Creek, CA 94597

Piper Jaffray & Co.,
Seattle-Northwest Division
1420 Fifth Avenue, Suite 4300
Seattle, WA 98101

Public Financial Management
1200 Fifth Ave., Suite 1220
Seattle, WA 98101

Public Resources Advisory Group
11500 West Olympic Blvd., Suite 502
Los Angeles, CA 90064

IRMA Exemption Letter

Fiscal Agents

U.S. Bank National Association
Global Corporate Trust Services — for Bondholder Relations

Payments, transfers, lost securities and redemptions
U.S. Bank National Association
Global Corporate Trust Services
Attn: Bondholder Services - EP-MN-WS2N
111 Fillmore Avenue East
St Paul, MN 55107-1402
Bondholder Information
800.934.6802    Option 7 (State of Washington Fiscal Agency)

Hours of Business:  Monday through Friday, 6:00 AM — 5 PM Pacific Time

Bonds and Coupons can also be redeemed at any U.S. Bank branch
(except in-store branches) in the State of Washington.

Frequently Asked Bondholder Questions

U.S. Bank National Association
Global Corporate Trust Services — For Obligor Relations

Debt service, statements, and other inquiries
1420 Fifth Avenue,  7th Floor
Seattle, WA 98101

Direct Dial: 206.344.4678

U.S. Bank Pivot Portal

Fiscal Agent Statewide Contract dated February 1, 2015

Updates on fiscal agent transition and contract

Prior Fiscal Agent

The Bank of New York Mellon will handle issuer inquiries through
and bondholder inquires through its Bondholder Inquiry website.


Underwriting Pool

Senior Manager / Co-Manager

Bank of America Merrill Lynch
Barclays Capital
Citigroup Global Markets
J.P. Morgan
Wells Fargo


D.A. Davidson & Co.
Fidelity Capital Markets
KeyBanc Capital Markets
Morgan Stanley
RBC Capital Markets
U.S. Bancorp

Contact Information

Deputy Treasurer, Ellen Evans  360.902.9007