SENATE BILL REPORT
ESSB 5989
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
As Passed Senate, June 29, 2015
Title: An act relating to authorizing bonds for transportation funding.
Brief Description: Authorizing bonds for transportation funding.
Sponsors: Senate Committee on Transportation (originally sponsored by Senators King, Hobbs, Fain, Liias and Litzow).
Brief History:
Committee Activity: Transportation: 2/18/15, 2/19/15 [DPS, DNP].
Third Special Session: Passed Senate: 6/29/15, 40-7.
SENATE COMMITTEE ON TRANSPORTATION |
Majority Report: That Substitute Senate Bill No. 5989 be substituted therefor, and the substitute bill do pass.
Signed by Senators King, Chair; Fain, Vice Chair; Hobbs, Ranking Minority Member; Liias, Assistant Ranking Minority Member; Baumgartner, Habib, Jayapal, Litzow, Miloscia, Pedersen, Rivers and Sheldon.
Minority Report: Do not pass.
Signed by Senators Benton, Vice Chair; Cleveland.
Staff: David Ward (786-7341)
Background: Bonds are issued to fund transportation capital projects that have a long-term expected life span. Bonding authority must be authorized by 60 percent of the Legislature and the proceeds from the sale of the bonds must be appropriated for eligible transportation projects.
Summary of Engrossed Substitute Bill: Authorization is provided for the sale of $5.3 billion of general obligation bonds for transportation safety and improvement projects. The bonds are backed by the motor fuel tax, vehicle-related fees used for highway purposes, and the full faith and credit of the state.
Appropriation: None.
Fiscal Note: Not requested.
Committee/Commission/Task Force Created: No.
Effective Date: The bill contains an emergency clause and takes effect immediately.
Staff Summary of Public Testimony: None.
Persons Testifying: No one.