2326-S AMH HUNT MUNN 229

SHB 2326 - H AMD 914

By Representative Hunter

NOT ADOPTED 4/26/2009

    On page 1, after line 9, insert the following:

"NEW SECTION.  Sec. 2. 2009 c ... s 2 (Engrossed Substitute House Bill No. 2211 as amended by S-3202.2/09) (uncodified) is amended to read as follows:

    (1) The initial imposition of tolls on the state route number 520 corridor is authorized, the state route number 520 corridor is designated an eligible toll facility, and toll revenue generated in the corridor must only be expended as allowed under RCW 47.56.820.

    (2) The state route number 520 corridor consists of that portion of state route number 520 between the junctions of Interstate 5 and state route number 202.  The toll imposed by this section shall be charged only for travel on the floating bridge portion of the state route number 520 corridor.

    (3)(a) In setting the toll rates for the corridor pursuant to RCW 47.56.850, the tolling authority shall set a variable schedule of toll rates to maintain travel time, speed, and reliability on the corridor and generate the necessary revenue as required under (b) of this subsection.

    (b) The tolling authority shall initially set the variable schedule of toll rates, which the tolling authority may adjust at least annually to reflect inflation as measured by the consumer price index or as necessary to meet the redemption of bonds and interest payments on the bonds, to generate revenue sufficient to provide for:

    (i) The issuance of general obligation bonds first payable from toll revenue and then excise taxes on motor vehicle and special fuels pledged for the payment of those bonds in the amount necessary to fund the replacement state route number 520 floating bridge ((and)), necessary landings, and projects on the portion of the state route number 520 corridor between the east end of the floating bridge and state route number 202, subject to subsection (4) of this section; and

    (ii) Costs associated with the project designated in subsection (4) of this section that are eligible under RCW 47.56.820.

    (4) The proceeds of the bonds designated in subsection (3)(b)(i) of this section, which together with other appropriated and identified state and federal funds is sufficient to pay for the replacement of the floating bridge segment and necessary landings of state route number 520, must be used only to fund the construction of the replacement state route number 520 floating bridge ((and)), necessary landings, and projects on the portion of the state route number 520 corridor between the east end of the floating bridge and state route number 202.

    (5) The department may carry out the construction and improvements designated in subsection (4) of this section and administer the tolling program on the state route number 520 corridor."

    Renumber the remaining sections consecutively, correct any internal references accordingly, and correct the title.

EFFECT:

           (1) Expands the requirement for the tolling authority to set a schedule of toll rates to support the issuance of the bonds necessary for the construction of a replacement floating bridge and necessary landings to include projects on the portion of the state route 520 corridor between the east end of the floating bridge and state route 202.

           (2) Authorizes the expenditure of bond proceeds on projects on the portion of the state route 520 corridor between the east end of the floating bridge and state route 202 in addition to the construction of a replacement floating bridge and necessary landings. 

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