SENATE BILL REPORT

 

                            SB 5343

 

               AS PASSED SENATE, APRIL 16, 1993

 

 

Brief Description:  Authorizing state highway bonds.

 

SPONSORS: Senators Vognild, Nelson, Skratek and von Reichbauer; by request of Department of Transportation

 

SENATE COMMITTEE ON TRANSPORTATION

 

Majority Report:  That Substitute Senate Bill No. 5343 be substituted therefor, and the substitute bill do pass. 

     Signed by Senators Vognild, Chairman; Skratek, Vice Chairman; Barr, Drew, Haugen, Nelson, Prentice, Prince, M. Rasmussen, Sellar, Sheldon, and Winsley.

 

Minority Report:  Do not substitute. 

     Signed by Senators Loveland, Vice Chairman; and Oke.

 

Staff:  Gene Schlatter (786‑7316)

 

Hearing Dates: April 5, 1993

 

 

BACKGROUND:

 

Legislative appropriation for this bond is sought at the request of the Transportation Commission.  The 1990 transportation funding package included a 3/4 of a cent gas tax increase dedicated to three Special Category C projects:  a second First Avenue South Bridge, SR 18 (Auburn to I-90), and Division Street in Spokane.  The 3/4 cent gas tax was dedicated to pay the debt service on a bond authorization to pay for cash flow requirements on these three construction projects. 

 

SUMMARY:

 

The issue and sale of $240 million in general obligation bonds is authorized for the location, design, right of way, and construction of Special Category C highway improvements.

 

The 3/4 cent gas tax will pay the debt service on this bond authorization which will be used to pay for cash flow requirements on the three identified projects.

 

Appropriation:  none

 

Revenue:  none

 

Fiscal Note:  available

 

TESTIMONY FOR:

 

This bond authorization is necessary for construction of special Category C highway improvements.

 

TESTIMONY AGAINST:  None

 

TESTIFIED:  PRO:  Bob Cowan, Financial Planning, Dept. of Transportation