The bill establishes a public works revolving trust account within the state treasury, enabling the appropriation of funds for public works projects. It amends several sections of the Revised Code of Washington (RCW) to incorporate this new account, which will be governed by the state Constitution. Key amendments include provisions for loans and grants to local governments, the ability to pledge funds from both the public works assistance account and the new trust account, and the establishment of subaccounts with interest rates determined by market conditions. The bill emphasizes competitive bidding for funded projects, with exceptions for emergencies, and mandates that local governments meet specific conditions to qualify for financial assistance.

Additionally, the bill outlines a process for prioritizing public works project applications based on factors such as critical nature and economic development potential. It requires the board to submit annual reports on applications, approvals, and financial disbursements, while establishing a maximum funding limit of $10,000,000 per jurisdiction per biennium. Local governments must also demonstrate efforts to secure additional funding and are prohibited from refinancing existing debts under this chapter. New requirements for solid waste and wastewater management projects include alignment with comprehensive management plans and efficiency audits. The provisions will take effect on July 1, 2025, pending voter approval of a proposed amendment to Article VIII in November 2023.

Statutes affected:
Original Bill: 43.84.092, 43.155.020, 43.155.060, 43.155.070
Substitute Bill: 43.84.092, 43.155.020, 43.155.060, 43.155.070