Washington § 47.10.920 - Bond issue authorized.

(1) In order to provide funds necessary for the design, right-of-way, and construction of the Interstate 5 bridge replacement project as allowed in RCW 47.56.902 and 47.56.904, there shall be issued and sold upon the request of the department up to $2,500,000,000 of general obligation bonds of the state of Washington first payable from toll revenue and excise taxes on fuel and vehicle-related fees in accordance with RCW 47.10.923.

(2) For purposes of chapter 400, Laws of 2025, "vehicle-related fees" means vehicle-related fees imposed under Title 46 RCW that constitute license fees for motor vehicles to be used for highway purposes.

Finding—Intent—2025 c 400: "The legislature recognizes that replacement of the aging Interstate 5 bridge across the Columbia river is a priority for the state of Washington. The interstate bridge replacement project will be completed in partnership with the state of Oregon, with equal sharing of bridge replacement costs and net toll revenues. The legislature finds that a variety of revenue sources and financing mechanisms will be required for Washington to provide its full share of the costs. The legislature intends to provide options for financing portions of the project while recognizing that no Washington state debt will be issued for this project until approved by the state financing [finance] committee, and only bonds necessary and supported by revenues will be issued.

As part of the financing plan for the project, Washington or Oregon may elect to pursue a federal transportation infrastructure finance and innovation act loan, repayable solely from toll revenues. The legislature intends for this act to support that application process." [ 2025 c 400 s 1.]