The bill authorizes the issuance of $7 billion in general obligation bonds by the state of Washington to fund highway projects, including their location, design, right-of-way, and construction. The bonds will be issued upon the request of the Department of Transportation, with the state finance committee overseeing their sale and retirement. The proceeds from these bonds will be deposited into the "move ahead WA" account within the motor vehicle fund and can only be used for the specified purposes, including payment of bond anticipation notes and issuance costs. The bill also stipulates that the principal and interest on the bonds will be payable from the highway bond retirement fund, with specific provisions for ensuring that funds are available for these payments.

Additionally, the bill amends existing law to increase the amount of general obligation bonds for the state route number 520 corridor projects from $1.95 billion to $2.45 billion, which will also be payable from toll revenue and excise taxes on motor vehicle and special fuels. The legislation includes definitions for "vehicle-related fees" and establishes that all bonds issued under this act will have an equal claim on the revenues from fuel excise taxes and vehicle-related fees. The act is declared necessary for the immediate preservation of public peace, health, or safety, and takes effect immediately.

Statutes affected:
Original Bill: 47.10.879