SB 6540 - DIGEST

Declares that no bonds, notes, or other evidences of indebtedness for borrowed money that is secured by transportation bond revenue shall be issued by the state which will cause the aggregate debt contracted by the state to exceed that amount for which payments of principal and interest in any fiscal year would require the state to expend more than seventeen percent of the arithmetic mean of state transportation bond revenue, for the three immediately preceding fiscal years as certified by the treasurer in accordance with RCW 39.42.070.

Provides that it is the duty of the state finance committee to compute annually the amount required to pay principal of and interest on outstanding debt.