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 can be pledged for bond payments. It allows for the possibility of issuing toll revenue bonds instead of general obligation bonds if deemed beneficial. The legislation also amends existing law to include definitions and provisions related to toll revenue and the tolling authority, ensuring that the financial mechanisms for the bridge replacement project are clearly defined and legally supported.

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