BP BHEAD INT S

AN ACT Relating to toll bridge bonds; and adding new sections to chapter 47.56 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1. In order to provide funds necessary for the location, design, and construction of a toll bridge across the Columbia river in the vicinity of Rainier, Oregon and Longview, Washington, including approaches to the bridge, and the demolition of the existing Lewis and Clark bridge in the same vicinity, there shall be issued and sold upon the request of the Washington state transportation commission a total of one hundred million dollars of general obligation bonds of the state of Washington. All acts necessary to the completion of this work may be done and performed by either the Oregon state transportation commission or the Washington state transportation commission with the approval of the other or by both of them jointly.

NEW SECTION. Sec. 2. Upon the request of the transportation commission, the state finance committee shall supervise and provide for the issuance, sale, and retirement of the bonds authorized by sections 1 through 10 of this act in accordance with chapter 39.42 RCW. Bonds authorized by sections 1 through 10 of this act shall be sold in such manner, at such time or times, in such amounts, and at such a price as the state finance committee shall determine. The bonds may not be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.

The state finance committee shall consider the issuance of short-term obligations in lieu of long-term obligations for the purposes of more favorable interest rates, lower total interest costs, and increased marketability and for the purpose of retiring the bonds during the life of the project for which they were issued.

NEW SECTION. Sec. 3. The proceeds from the sale of bonds authorized by sections 1 through 10 of this act shall be deposited in the motor vehicle fund. The proceeds shall be available only for the purposes enumerated in section 1 of this act, for the payment of bond anticipation notes, if any, and for the payment of bond issuance costs, including the costs of underwriting.

NEW SECTION. Sec. 4. Bonds issued under sections 1 through 10 of this act shall distinctly state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal of the bonds and the interest on the bonds, and shall contain an unconditional promise to pay such principal and interest as the same becomes due. The principal of and interest on the bonds shall be first payable in the manner provided in sections 1 through 10 of this act from the proceeds of state excise taxes on motor vehicles and special fuels imposed by chapters 82.36, 82.37, and 82.38 RCW and from the tolls and revenues derived from the operation of the toll bridge. Proceeds of the excise taxes are hereby pledged to the payment of bonds and the interest on the bonds issued under the authority of sections 1 through 10 of this act, and the legislature agrees to continue to impose these excise taxes on motor vehicle and special fuels in amounts sufficient to pay, when due, the principal and interest on all bonds issued under the authority of sections 1 through 10 of this act.

NEW SECTION. Sec. 5. There is hereby created in the state treasury an account to be known as the Lewis and Clark toll bridge account into which shall be deposited any capitalized interest from the proceeds of the bonds, and at least monthly all of the tolls and other revenues received from the operation of the toll bridge and from any interest that may be earned from the deposit or investment of these revenues after the payment of costs of operation, maintenance, management, and necessary repairs of the facility. The principal of the interest on the bonds shall be paid first from money deposited in the Lewis and Clark toll bridge account, and then, to the extent that money deposited in that account is insufficient to make a payment when due, from the state excise taxes on motor vehicle and special fuels deposited in the highway bond retirement fund. The state finance committee shall, by June 30 of each year, certify to the state treasurer the amount of additional moneys required for principal and interest on the bonds in accordance with the bond proceedings. The state treasurer shall upon the certification transfer from the motor vehicle fund these excise taxes into the highway bond retirement fund. Any proceeds of the excise taxes required for these purposes shall first be taken from that portion of the motor vehicle fund that results from the imposition of the excise taxes on motor vehicle and special fuels and that is distributed to the state. If the proceeds from the excise taxes distributed to the state are ever insufficient to meet the required payments on principal or interest on the bonds when due, the amount required to make the payments on the principal or interest shall next be taken from that portion of the motor vehicle fund that results from the imposition of excise taxes on motor vehicle and special fuels and that is distributed to the state, counties, cities, and towns under RCW 46.68.100. Any payments of the principal or interest taken from the motor vehicle or special fuel tax revenues that are distributable to the counties, cities, and towns shall be repaid from the first moneys distributed to the state not required for redemption of the bonds or interest on the bonds.

NEW SECTION. Sec. 6. Bonds issued under the authority of sections 1 through 5 of this act and this section and any other general obligation bonds of the state of Washington that have been or that may be authorized and that pledge motor vehicle and special fuels excise taxes for the payment of principal and interest on the bonds shall be an equal charge against the revenues from these motor vehicle and special fuels excise taxes.

NEW SECTION. Sec. 7. (1) The department of transportation may operate and assume full control of the bridge and shall fix and maintain the tolls and charges in the manner provided by RCW 47.56.240 so that when collected they will produce revenues sufficient to pay all expenses of operating, maintaining, managing, and repairing the toll bridge including all insurance costs and the amounts required to pay the principal and interest on the bonds when due and to satisfy the other obligations set forth in sections 1 through 10 of this act and RCW 47.56.220. The revision of tolls and charges shall be determined by the department after considering the effect upon the traffic using the bridge and the projected revenues that will result from the increase of tolls and charges for the use of the bridge.

(2) To the extent that net revenues and income are insufficient to meet the required payments of principal and interest on bonds, the department shall use moneys pledged from the motor vehicle fund as provided in section 5 of this act.

(3) The payment of the principal of and the interest on the bonds shall constitute a first direct and exclusive charge and lien on all tolls and other revenues, and interest on the tolls and other revenues, received from the use and operation of the Lewis and Clark toll bridge, after the payment of all expenses of operating, maintaining, managing, and repairing the toll bridge, and the tolls and revenues together with interest earned on the tolls and revenues, and all other money deposited in the Lewis and Clark toll bridge account, shall constitute a trust fund for the security and payment of the bonds, or bonds refunding the bonds, and shall not be used or pledged for any other purpose as long as the bonds are outstanding and unpaid.

(4) The state finance committee may on behalf of the state make covenants in connection with the bond proceedings or otherwise to assure the maintenance of the tolls and charges on the Lewis and Clark toll bridge, the proper application of the tolls and charges, and the proper operation, maintenance, management, and repair of the bridge to provide for and secure the timely payment of the bonds. The covenants shall be binding on the department of transportation and transportation commission.

NEW SECTION. Sec. 8. All tolls or other revenues received from the operation of the Lewis and Clark toll bridge constructed with the proceeds of bonds issued and sold under sections 1 through 10 of this act shall be paid over by the department of transportation to the state treasurer who shall deposit the same without delay as demand deposits in such a depositary or depositaries as may be authorized by law to receive deposits of state funds to the credit of a special trust fund to be designated as the toll revenue fund of the Lewis and Clark toll bridge, which fund shall be a trust fund and shall at all times be kept segregated and set apart from all other funds.

After provision has been made for payment of costs of operation, maintenance, management, and necessary repairs of the facility, the surplus moneys available in the toll revenue fund, or as much thereof as may be required, shall be transferred monthly to the Lewis and Clark toll bridge account to pay the principal of and interest on the bonds authorized by section 1 of this act.

NEW SECTION. Sec. 9. In order to carry out sections 1 through 10 of this act the Washington state transportation commission may consult, cooperate, and enter into agreements with the government of the United States or any of its agencies and accept and expend moneys from any public or private source, including the government of the United States or any political subdivision, that is now or may be made available for carrying out the purposes of sections 1 through 10 of this act.

NEW SECTION. Sec. 10. The Washington state transportation commission may enter into such agreements with the Oregon state transportation commission as it finds necessary or convenient to carry out the purposes of sections 1 through 10 of this act.

Any such agreements shall include, but shall not be limited to, the following:

(1) A provision that the state of Washington or the Washington state transportation commission shall issue general obligation bonds in the aggregate principal sum of not to exceed one hundred million dollars par value or as much thereof as shall be required to pay all costs of location, design, and construction of the bridge, including approaches to the bridge, and the demolition of the existing Lewis and Clark bridge. In determining the amount of money required for construction, there shall be taken into account all available financial contributions for the construction costs, of whatever description and from whatever source;

(2) A provision that to the extent that revenues derived from the imposition and collection of tolls and franchise fees for the use of the bridge in any year are insufficient to provide for the payment of principal, interest, and other charges incidental to the issuance, sale, and retirement of the bonds issued by Washington or any subsequent refunding bond issues, the states of Washington and Oregon will equally divide the cost of the deficit;

(3) A provision that the Washington state transportation commission shall assume and have complete responsibility for the operation of the bridge as a toll facility and each portion of the bridge, whether within or without the borders of Washington and with full power in the Washington state transportation commission to impose and collect all toll charges and franchise fees from the users of the bridge and to disburse the revenue derived from the charges and fees for the following purposes in the following order:

(a) Payment of all costs of operation, maintenance, management, and necessary repairs of the facility;

(b) Payment of the principal, interest, and other charges incidental to the issuance, sale, and retirement of the bonds provided in sections 1 through 10 of this act for including any subsequent refunding bonds;

(4) A provision that the Washington state transportation commission, after consultation with the Oregon state transportation commission, shall fix the classifications and amounts of tolls to be charged and collected from users of the toll facility with power after consultation with the Oregon state transportation commission to revise the classifications if deemed necessary, and the time or times when the tolls are first imposed;

(5) A provision that all acts pertaining to the location, design, and construction of the bridge may be done and performed by the Oregon state transportation commission or the Washington state transportation commission with the approval of the other, or by both, and that any and all contracts for the construction of the bridge shall be awarded either in the name of the state of Oregon by and through its state transportation commission or the state of Washington by and through its state transportation commission, or both. There shall be further provision that each state has the full power to design and construct approaches to the bridge within the respective boundaries of each state;

(6) A provision that the Washington state transportation commission shall, in conjunction with the Oregon state transportation commission, set a toll on the existing Lewis and Clark bridge to begin no later than September 1, 1995. Revenue from these tolls shall be deposited in the Lewis and Clark toll bridge account to pay the principal of interest on the bonds authorized by section 1 of this act.

NEW SECTION. Sec. 11. Sections 1 through 10 of this act are each added to chapter 47.56 RCW.

NEW SECTION. Sec. 12. If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.