Bill > HB2021

This bill authorizes the public works board to issue revenue bonds for financing public works infrastructure projects without using public funds or the state's credit. The bill expands the board's powers by allowing it to issue various types of financial instruments like notes, debentures, and lines of credit, while clearly specifying that these bonds are not obligations of the state and will be payable only from special funds created by the board. The legislation sets a maximum outstanding indebtedness limit of $4 billion and requires the board to develop a comprehensive plan for infrastructure objectives, including an estimate of bond issuance and expenditure. The bill also establishes detailed procedures for selecting bond counsel and underwriters, requires public hearings and legislative reporting, and mandates that bond proceeds be used to support local government infrastructure projects across Washington state. Key provisions include prioritizing projects based on factors like health and safety impacts, economic development potential, and geographic equity, while ensuring that the board cannot levy taxes, use eminent domain, or engage in traditional banking activities. The bill aims to provide additional financial resources for local governments to address critical infrastructure needs in areas such as roads, bridges, water systems, and waste management.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=2021&Year=2025&Initiative=false