The bill authorizes the issuance of general obligation bonds by the state of Washington totaling $4,686,979,000 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 responsible for managing the proceeds, ensuring they are used exclusively for the purposes specified in the bill, and transferring funds to various accounts as necessary to support authorized expenditures.

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 finance committee to certify the necessary amounts for bond retirement and outlines the obligations of the bonds, which will be backed by the full faith and credit of the state. The bill also includes a severability clause to ensure that if any part is found invalid, the remainder remains effective, and it declares an emergency for immediate implementation.