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 a collaborative effort with the state of Oregon to share costs and net toll revenues. The legislation allows for the issuance of up to $2.5 billion in general obligation bonds, which will be primarily repaid 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 the Interstate 5 bridge replacement project toll facility bond retirement account to manage the repayment of the bonds. It includes provisions for the potential issuance of toll revenue bonds, which would be secured solely by toll revenues rather than being classified as general obligation bonds. The legislation also amends existing law to incorporate these new financing mechanisms and definitions related to toll revenue and tolling authority, ensuring a comprehensive approach to funding the bridge replacement project.

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