The bill authorizes the issuance of general obligation bonds by the state of Washington, totaling $4,981,981,000, 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 allocated to the state building construction account and the state taxable building construction account, with specific amounts designated for each. The state treasurer is tasked with managing the transfer of these funds to various accounts, including those for outdoor recreation, habitat conservation, and early learning facilities, ensuring that the proceeds are used exclusively for the intended purposes and are subject to legislative appropriation.

Additionally, the bill establishes a debt-limit general fund bond retirement account to manage the payment of principal and interest on the bonds. It outlines the responsibilities of the state finance committee in certifying the necessary amounts for bond retirement and mandates that the bonds will be a general obligation of the state, backed by its full faith and credit. The legislation also includes provisions for additional means of raising funds for bond payments and ensures that if any part of the act is deemed invalid, the remainder will still be effective. The act is declared an emergency measure, taking effect immediately to support public peace, health, safety, and state government functions.