Provides that, for the purpose of providing state matching funds for federal flood hazard mitigation projects and other projects throughout the Chehalis river basin, the state finance committee is authorized to issue general obligation bonds to finance the projects and all costs incidental thereto.

Provides that, for the purpose of providing needed capital improvements consisting of the predesign, design, acquisition, construction, modification, renovation, expansion, equipping, and other improvements of skill centers facilities, including capital improvements to support satellite or branch campus programs for underserved rural areas or high-density areas, the state finance committee is authorized to issue general obligation bonds to finance all or a part of these projects and all costs incidental thereto.

Requires the superintendent of public instruction to adopt rules that set as a goal a ten percent minimum local project contribution threshold for major skill center projects, unless there is a compelling rationale not to do so as determined by the superintendent of public instruction.