S-0478.1 _______________________________________________
SENATE BILL 5393
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State of Washington 54th Legislature 1995 Regular Session
By Senators Owen, Prince and Wood
Read first time 01/23/95. Referred to Committee on Transportation.
AN ACT Relating to funding for two high occupancy vehicle lane projects; amending RCW 47.10.819; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 47.10.819 and 1993 c 432 s 1 are each amended to read as follows:
In order to provide funds necessary for the location, design, right of way, and construction of selected interstate and other highway improvements, there shall be issued and sold upon the request of the Washington state transportation commission a total of one hundred sixty million dollars of general obligation bonds of the state of Washington for the following purposes and specified sums:
(1) Not to exceed twenty-five million dollars to pay the state's and local governments' share of matching funds for the ten demonstration projects identified in the Intermodal Surface Transportation Efficiency Act of 1991.
(2) Not to exceed fifty million dollars to temporarily pay the regular federal share of construction in advance of federal-aid apportionments as authorized by this section.
(3) Not to exceed twenty-five million dollars for loans to local governments to provide the required matching funds to take advantage of available federal funds. These loans shall be on such terms and conditions as determined by the Washington state transportation commission, but in no event may the loans be for a period of more than ten years. The interest rate on the loans authorized under this subsection shall be equal to the interest rate on the bonds sold for such purposes.
(4) Not to exceed sixty million dollars to be used for completion of the following two high occupancy vehicle lane projects: (a) SR 5 Pierce county to Tukwila (A00505B); and (b) SR 167 15th St. S.W. to 84th Ave. S. (116703C).
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 shall take effect immediately.
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