SHB 2394

SENATE BILL REPORT
SHB 2394

This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent.

As Reported By Senate Committee On:
Transportation, March 28, 2007

Title: An act relating to requesting the issuance and sale of general obligation bonds for highway improvements.

Brief Description: Requesting the issuance and sale of general obligation bonds for highway improvements.

Sponsors: House Committee on Transportation (originally sponsored by Representatives Clibborn, Jarrett, Kenney and Moeller).

Majority Report: Do pass as amended.Signed by Senators Haugen, Chair; Marr, Vice Chair; Murray, Vice Chair; Swecker, Ranking Minority Member; Berkey, Clements, Eide, Jacobsen, Kastama, Kauffman, Kilmer, Sheldon and Spanel.

Minority Report: That it be referred without recommendation.Signed by Senators Holmquist and Pflug.

Background: The Legislature establishes bond authorizations for highway improvements to fund transportation projects that have long-term expected life spans. Proceeds from the sale of transportation bonds must be appropriated for transportation projects.

The Secretary of the Department of Transportation is authorized to request bond authorizations under the supervision of the State Finance Committee.

Summary of Substitute Bill: The bill as referred to committee not considered.

SUMMARY OF RECOMMENDED STRIKING AMENDMENT(S) AS PASSED COMMITTEE (Transportation): Bond authority for Special Category C improvements is increased from $330 million to $600 million. Bond authority for Transportation 2003 projects is increased from $2.6 billion to $3.2 billion, and bond authority for Transportation 2005 projects is increased from $5.1 billion to $5.3 billion. Bond authority for the Transportation Improvements Board's Urban Arterial Trust Account is also increased by $50 million.

For Department of Transportation projects, the Secretary of the Department of Transportation is authorized to request bond authorizations under the supervision of the State Finance Committee.

For Transportation Improvement Board projects, the Transportation Improvement Board is authorized to request bond authorizations under the supervision of the State Finance Committee.

Effective Date: Ninety days after adjournment of session in which bill is passed.

Staff Summary of Public Testimony: PRO: Additional bond authority is critically important to the execution of the Senate's proposed 16-year capital investment plan.