The bill establishes a framework for the financing and construction of the Interstate 5 bridge replacement project, which is a collaborative effort between Washington and Oregon. It authorizes 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 legislation emphasizes that no state debt will be incurred without approval from the state financing committee, and it allows for the possibility of pursuing federal loans under the transportation infrastructure finance and innovation act. The bill also creates specific accounts for managing the bond proceeds and outlines the responsibilities of the state finance committee in overseeing the bond issuance process.

Additionally, the bill includes provisions for the management of toll revenues and the prioritization of payments for bond retirement. It specifies that bonds may be issued as either general obligation bonds or toll revenue bonds, depending on what is deemed beneficial by the state finance committee. The legislation also amends existing law to incorporate the new provisions related to the bridge project and defines "toll revenue" in the context of the bonds issued. Overall, the bill aims to ensure a structured and financially sound approach to the bridge replacement project while safeguarding the interests of the state and its residents.

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