Bill > HB1958

This bill establishes a comprehensive financing mechanism for the Interstate 5 bridge replacement project between Washington and Oregon, authorizing the issuance of up to $2.5 billion in general obligation bonds to fund the project's design, right-of-way acquisition, and construction. The bill provides that these bonds will be first payable from toll revenue and then from excise taxes on fuel and vehicle-related fees, with the state pledging its full faith and credit to the bonds. The legislation creates a new Interstate 5 bridge replacement project account and a corresponding bond retirement account, and gives the state finance committee the flexibility to issue these as either general obligation bonds or toll revenue bonds. The bill specifies that Washington and Oregon will equally share bridge replacement costs and net toll revenues, and allows for potential federal transportation infrastructure financing. Importantly, no Washington state debt will be issued until approved by the state financing committee, and only bonds supported by revenues will be issued. The bill also outlines detailed provisions for bond issuance, including how revenues will be prioritized, how bond payments will be managed, and the specific financial protections and covenants that will govern the project's financing.

Transportation and Infrastructure

https://app.leg.wa.gov/billsummary?BillNumber=1958&Year=2025&Initiative=false