SENATE BILL REPORT

                            SB 5970

   AS REPORTED BY COMMITTEE ON TRANSPORTATION, APRIL 5, 1993

Brief Description:  Authorizing state highway bonds.

SPONSORS: Senator Vognild; by request of Department of Transportation

SENATE COMMITTEE ON TRANSPORTATION

Majority Report:  That Substitute Senate Bill No. 5970 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:

The total Puget Sound high occupancy vehicle (HOV) system includes 471 lane-miles, 66 miles of which have been constructed.  This bond bill will allow for accelerated completion of this system.

Debt service on the bonds authorized by this bill will be funded by a dedicated penny of gas tax revenues.

SUMMARY:

The issue and sale of $300 million in general obligation bonds for the location, design, right of way, and construction of the state HOV core lane system is authorized.

EFFECT OF PROPOSED SUBSTITUTE:

Bond authorization is decreased for HOV core lane system to $240 million.

Appropriation:  none

Revenue:  none

Fiscal Note:  requested

TESTIMONY FOR:

This bond authorization is necessary for accelerated completion of the HOV core lane system.

TESTIMONY AGAINST:  None

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