The bill authorizes the public works board in Washington State to issue nonrecourse revenue bonds to finance essential public works infrastructure projects, such as roads, bridges, and water systems, addressing the financial needs of local governments. It amends several sections of the Revised Code of Washington (RCW) by removing previous provisions for loans, grants, and technical assistance, thereby focusing solely on bond issuance without utilizing public funds or the credit of state or local governments. The legislation emphasizes equitable geographic distribution of funds and encourages local governments to be self-reliant in addressing their public works needs.

Additionally, the bill sets a maximum funding limit of $10 million per jurisdiction per biennium and clarifies that existing debts of local governments cannot be refinanced under this chapter. It introduces new sections that outline the board's responsibilities, including adopting a general plan for public works objectives and issuing bonds, while specifying that the board's bonds are not state obligations. The bill also establishes a limit on the board's outstanding indebtedness at $4 billion and mandates annual reporting on the board's activities to ensure transparency and accountability. Overall, the legislation aims to improve the governance and financial management of the public works board while ensuring compliance with federal requirements.

Statutes affected:
Original Bill: 43.155.010, 43.155.020, 43.155.040, 43.155.060, 43.155.070