This bill authorizes the issuance of $800,000,000 in general obligation bonds by the state of Washington to fund various highway projects, including their location, design, right-of-way, and construction. The bonds will be issued upon the request of the Department of Transportation and will be managed by the state finance committee, which will oversee 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 laws to increase the amounts of previously authorized bonds for various transportation projects, including raising the total for the state route number 520 corridor projects from $1.95 billion to $2.45 billion, and for other projects from $15 million to $15 million, $100 million to $100 million, and $25.625 million to $25.625 million, respectively. It establishes a deadline of June 30, 2026, for the issuance of any unissued bonds, after which the authority to issue those bonds will expire. 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
Substitute bill: 47.10.879, 47.10.883, 47.10.819, 47.10.834
Bill as passed Legislature: 47.10.879, 47.10.883, 47.10.819, 47.10.834
Session law: 47.10.879, 47.10.883, 47.10.819, 47.10.834