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 bonds will be backed by the state's full faith and credit, with principal and interest payments sourced from excise taxes on fuel and vehicle-related fees.

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. The legislation includes provisions to ensure that funds for bond retirement and interest are drawn from the motor vehicle fund, specifically from the portion generated by fuel excise taxes and vehicle-related fees. The act is declared an emergency measure, taking effect immediately to support public safety and state government functions.

Statutes affected:
Original Bill: 47.10.879