Bill > SB5734

This bill addresses the financing for the Interstate 5 bridge replacement project between Washington and Oregon, authorizing the state to issue up to $2.5 billion in general obligation bonds to fund the project's design, right-of-way acquisition, and construction. The bonds will be first payable from toll revenue and then from excise taxes on fuel and vehicle-related fees, with the state pledging to continue imposing tolls to support bond repayment. The bill allows for flexibility in bond issuance, permitting the state finance committee to potentially issue the bonds as toll revenue bonds or general obligation bonds, depending on what is most beneficial. Key provisions include creating a dedicated Interstate 5 bridge replacement project account, establishing a bond retirement account, and specifying that the bonds will have an equal charge against fuel and vehicle-related fee revenues. The legislation emphasizes a partnership with Oregon, with equal cost and revenue sharing, and includes safeguards such as requiring prior legislative appropriation and ensuring that no Washington state debt will be issued without approval from the state financing committee. The bill also provides detailed guidelines for bond issuance, including provisions for marketing, sale, and bondholder protections, and amends existing law to incorporate the new financing mechanism for the interstate bridge replacement project.

Transportation and Infrastructure

https://app.leg.wa.gov/billsummary?BillNumber=5734&Year=2025&Initiative=false