The bill establishes a framework for financing the replacement of the aging Interstate 5 bridge across the Columbia River, recognizing it as a priority for the state of Washington. It outlines that the project will be a collaborative effort with the state of Oregon, sharing costs and net toll revenues equally. The legislation allows for the issuance of up to $2.5 billion in general obligation bonds, which will be primarily funded through toll revenues and excise taxes on fuel and vehicle-related fees. The state finance committee will oversee the issuance and management of these bonds, ensuring that no state debt is incurred without legislative approval.

Additionally, the bill creates several new sections that detail the management of bond proceeds, the establishment of a dedicated bond retirement account, and the conditions under which toll revenue bonds may be issued. It emphasizes that toll revenues will be pledged to secure the bonds, and outlines the responsibilities of the state finance committee in determining the terms and conditions for bond issuance. The bill also amends existing law to incorporate these new provisions and clarify the definitions of "toll revenue" and "tolling authority" in relation to the financing of transportation projects.

Statutes affected:
Original Bill: 47.10.905, 47.10.906, 47.10.907
Substitute Bill: 47.10.907