SENATE BILL REPORT
SB 6349
As Reported By Senate Committee On:
Transportation, February 12, 2002
Title: An act relating to transportation bonds.
Brief Description: Authorizing transportation bonds.
Sponsors: Senators Haugen, McAuliffe and Keiser; by request of Governor Locke.
Brief History:
Committee Activity: Transportation: 2/12/02 [DPS].
SENATE COMMITTEE ON TRANSPORTATION
Majority Report: That Substitute Senate Bill No. 6349 be substituted therefor, and the substitute bill do pass.
Signed by Senators Haugen, Chair; Gardner, Vice Chair; Benton, Eide, Finkbeiner, Horn, Jacobsen, Johnson, Kastama, Keiser, McAuliffe, McDonald, Prentice, T. Sheldon, Shin and Swecker.
Staff: Chris Reykdal (786‑7321)
Background: Debt service on existing transportation bonds consumes approximately five cents of the state's 23 cent fuel tax. The remainder of the state's fuel tax is dedicated to various agencies and programs via statutory distribution to eight separate accounts, as well as direct distributions to cities and counties.
The state has at times issued general obligation bonds, whose debt service is repaid from specific dedicated sources of revenue. Specific examples include Legislative Building Renovations and the University of Washington Hospitals.
Summary of Substitute Bill: The State Treasurer is authorized to sell up to $900 million in toll facility bonds, backed by the full faith and credit of the state of Washington, for the Tacoma Narrows Bridge Project. Debt service on the reimbursable bonds is paid with tolls generated on the Tacoma Narrows Bridge.
Proceeds from the sale of these bonds must be used exclusively for the planning, design, construction, and other necessary costs for the Tacoma Narrows Bridge Project.
Substitute Bill Compared to Original Bill: The original bill was not considered.
Appropriation: None.
Fiscal Note: Not requested.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Testimony For: None.
Testimony Against: None.
Testified: No one.