The bill establishes the authority for the issuance of up to $1.6 billion in general obligation bonds to fund the design, right-of-way, and construction of the Interstate bridge replacement project. The bonds will be payable from toll revenue and excise taxes on fuel and vehicle-related fees. The state finance committee is tasked with supervising the issuance and sale of these bonds, ensuring that no bonds are sold without prior legislative appropriation of the net proceeds. The proceeds from the bond sales will be deposited into the Interstate 5 bridge replacement project account and can only be used for specified purposes, including payment of bond issuance costs and capitalizing interest.

Additionally, the bill allows for the possibility of issuing toll revenue bonds instead of general obligation bonds if deemed beneficial by the state finance committee. It outlines the procedures for the management of toll revenue and the repayment of bonds, ensuring that toll revenue is prioritized for bond payments. The bill also amends existing laws to include provisions related to the new bonds and clarifies the definitions of "toll revenue" and "tolling authority." Overall, the legislation aims to facilitate the financing and construction of the bridge replacement project while ensuring accountability and proper management of the funds involved.

Statutes affected:
Original Bill: 47.10.905, 47.10.906, 47.10.907