SB 6349-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Finds that the needs of the state transportation system have grown beyond the capacity of traditional state and local tax and fee revenues.  It is necessary and desirable to expedite selected local and regional transportation facilities by using direct user fee support in the form of tolls or other charges.

     Declares an intent to establish a reimbursable bonding mechanism that allows for secure and cost-effective public toll financing of transportation facilities that preserves and protects the fuel tax bonding capacity.  Therefore, this act provides for reimbursable bond financing based on tolls for the development, construction, and operation of the Tacoma Narrows bridge public-private initiative project.

     Declares an intent that reimbursable toll facility bonds will enjoy the support of the full faith and credit of the state.  Tolls will be charged in amounts sufficient to repay the state treasury for all financing costs, operations of the facility, and other costs incidental to the project.

     Requires these funds to be held by the state treasurer in a nonappropriated account outside the state treasury.  Indebtedness repaid with the proceeds of tolls will be excluded from the statutory debt limit as provided in RCW 39.42.060.