This bill authorizes the issuance of general obligation bonds by the state of Washington totaling $4,869,147,000 to finance various projects as outlined in the omnibus capital and operating appropriations acts for the 2023-2025 and 2025-2027 fiscal biennia. The proceeds from these bonds will be deposited into the state building construction account and the state taxable building construction account, with specific allocations for various purposes, including outdoor recreation and early learning facilities. The state finance committee is responsible for determining the sale price of the bonds and ensuring that no bonds are sold without prior legislative appropriation of the net proceeds.

Additionally, the bill establishes a debt-limit general fund bond retirement account to manage the payment of principal and interest on the bonds. It includes provisions for the state treasurer to certify the necessary amounts for bond retirement and to withdraw funds from general state revenues for these payments. The bonds will be a general obligation of the state, pledging its full faith and credit, and the legislature retains the authority to explore additional funding methods for bond payments. The act is deemed necessary for the immediate preservation of public peace, health, or safety, and takes effect immediately.