Washington SB5734 authorizes the issuance of up to $1.6 billion in state bonds for the Interstate 5 bridge replacement project, secured by toll.

Washington SB5734 establishes the framework for issuing up to $1.6 billion in general obligation bonds for the design, right-of-way, and construction of the Interstate 5 bridge replacement project. The bonds are primarily secured by toll revenue and, if insufficient, by excise taxes on fuel and vehicle-related fees. The proceeds from bond sales must be deposited in the Interstate 5 bridge replacement project account and used strictly for the purposes outlined in the act. The state finance committee is tasked with supervising the issuance, sale, and retirement of these bonds.

Washington SB5734 authorizes the issuance of up to $1.6 billion in state bonds for the Interstate 5 bridge replacement project, secured by toll.

Washington SB5734 establishes the framework for issuing up to $1.6 billion in general obligation bonds for the design, right-of-way, and construction of the Interstate 5 bridge replacement project. The bonds are primarily secured by toll revenue and, if insufficient, by excise taxes on fuel and vehicle-related fees. The proceeds from bond sales must be deposited in the Interstate 5 bridge replacement project account and used strictly for the purposes outlined in the act. The state finance committee is tasked with supervising the issuance, sale, and retirement of these bonds.