The bill authorizes the issuance of $3.4 billion in general obligation bonds aimed at preserving Washington's transportation infrastructure, including highways and ferry vessels. The proceeds from these bonds will be dedicated solely to maintaining existing transportation facilities, ensuring their safety and functionality. The state finance committee will oversee the issuance and sale of these bonds, which will be backed by the state's full faith and credit, with repayment sourced from excise taxes on fuel and vehicle-related fees. Additionally, the bill establishes the preserve Washington account within the motor vehicle fund to manage these funds and amends existing laws to reflect this new funding structure, including an increase in previously authorized bonds for specific projects from $1.95 billion to $2.45 billion for the state route number 520 corridor projects. Furthermore, the bill amends existing laws regarding the treasury income account, clarifying the distribution of earnings and the allocation of funds. It specifies that refunds or allocations must occur before the distribution of earnings and allows the treasury income account to be used for payments related to purchased banking services without requiring appropriations. The bill also includes the preserve Washington account as one of the accounts eligible for earnings distribution, ensuring fair allocation based on average daily balances. It reinforces the requirement for specific affirmative directives for the allocation of earnings in accordance with constitutional requirements and introduces provisions for the expiration of certain sections of the act, which will take effect immediately to preserve public peace, health, or safety.

Statutes affected:
Original bill: 47.10.879