5232 AMS SALD S1982.1
SB 5232 - S AMD 451
By Senators Saldaña, Stanford
ADOPTED 03/29/2021
Strike everything after the enacting clause and insert the following:
"Sec. 1. RCW
47.10.897 and 2019 c 421 s 3 are each amended to read as follows:
(1) Upon the request of the department, the state finance committee shall supervise and provide for the issuance, sale, and retirement of bonds authorized by chapter 421, Laws of 2019 in accordance with chapter
39.42 RCW. Bonds authorized by chapter 421, Laws of 2019 shall be sold in the manner, at time or times, in amounts, and at the price as the state finance committee shall determine. No bonds may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.
(2) Bonds supported by revenues in the Interstate 405 and state route number 167 express toll lanes account may not be issued until (a) after January 1, 2023, and (b)(i) toll revenue levels in the account have returned to a level of $8,500,000 in a single quarter as reported in the department's quarterly revenue and expenditure reports or (ii) the state treasurer determines that the toll revenue levels are sufficient to meet the financial obligation for the Interstate 405 and state route number 167 express toll lanes provided in RCW 47.10.899. (3) Bonds supported by revenues in the Puget Sound Gateway facility account may not be issued until (a) after January 1, 2023, and (b) the state treasurer determines that the toll revenue levels will be sufficient to meet the financial obligation for the Puget Sound Gateway facility provided in RCW 47.10.899. NEW SECTION. Sec. 2. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately."
SB 5232 - S AMD 451
By Senators Saldaña, Stanford
ADOPTED 03/29/2021
On page 1, line 2 of the title, after "facilities;" strike the remainder of the title and insert "amending RCW
47.10.897; and declaring an emergency."
EFFECT: (1) Removes sections that would repeal toll bond authorizations for the I-405 and SR 167 Express Toll Lanes and Puget Sound Gateway Facility projects, and removes a policy guideline for toll facilities not to use toll debt financing unless the revenue is generated from a bridge.
(2) Prohibits tolling revenue bonds being sold for either facility until January 1, 2023.
(a) For the I-405 and SR 167 Express Toll Lanes, also prohibits bonds being sold until quarterly toll revenues have returned to $8.5 million or the Treasurer determines toll revenues can meet financial obligations.
(b) For the Puget Sound Gateway Facility, also prohibits bonds being sold until the Treasurer determines toll revenues will be able to meet financial obligations.
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