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 toll revenues equally. The legislation allows for the issuance of up to $2.5 billion in general obligation bonds, which will be repaid primarily 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 specific accounts for managing the proceeds from the bond sales and stipulates that these funds can only be used for designated purposes related to the bridge replacement project. It includes provisions for the potential issuance of toll revenue bonds, which would be secured solely by toll revenues rather than the state's full faith and credit. The legislation also amends existing laws to incorporate these new financing mechanisms and definitions related to toll revenue and the tolling authority, ensuring a comprehensive approach to funding the bridge replacement initiative.

Statutes affected:
Original Bill: 47.10.905, 47.10.906, 47.10.907
Substitute Bill: 47.10.907
Bill as Passed Legislature: 47.10.907
Session Law: 47.10.907