BILL REQ. #:  H-4681.1 

READ FIRST TIME 02/08/10.   

     AN ACT Relating to the use of revenue generated from tolling the state route number 520 corridor; and amending RCW 47.56.870 and 47.56.875.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 47.56.870 and 2009 c 472 s 2 are each 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)) state route number 520 bridge replacement and HOV program, 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)) state route number 520 bridge replacement and HOV program.
     (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.

Sec. 2   RCW 47.56.875 and 2009 c 472 s 4 are each amended to read as follows:
     A special account to be known as the state route number 520 corridor account is created in the state treasury.
     (1) Deposits to the account must include:
     (a) All proceeds of bonds issued for ((construction of the replacement state route number 520 floating bridge and necessary landings)) the state route number 520 bridge replacement and HOV program, including any capitalized interest;
     (b) All of the tolls and other revenues received from the operation of the state route number 520 corridor as a toll facility, to be deposited at least monthly;
     (c) Any interest that may be earned from the deposit or investment of those revenues;
     (d) Notwithstanding RCW 47.12.063, proceeds from the sale of any surplus real property acquired for the ((purpose of building the replacement state route number 520 floating bridge and necessary landings)) state route number 520 bridge replacement and HOV program; and
     (e) All damages, liquidated or otherwise, collected under any contract involving the ((construction of the replacement state route number 520 floating bridge and necessary landings)) state route number 520 bridge replacement and HOV program.
     (2) Subject to the covenants made by the state in the bond proceedings authorizing the issuance and sale of bonds for the ((replacement state route number 520 floating bridge and necessary landings)) state route number 520 bridge replacement and HOV program, toll charges, other revenues, and interest received from the operation of the state route number 520 corridor as a toll facility may be used to:
     (a) Pay any required costs allowed under RCW 47.56.820; and
     (b) Repay amounts to the motor vehicle fund as required.
     (3) When repaying the motor vehicle fund, the state treasurer shall transfer funds from the state route number 520 corridor account to the motor vehicle fund on or before each debt service date for bonds issued for the ((replacement state route number 520 floating bridge project and necessary landings)) state route number 520 bridge replacement and HOV program in an amount sufficient to repay the motor vehicle fund for amounts transferred from that fund to the highway bond retirement fund to provide for any bond principal and interest due on that date. The state treasurer may establish subaccounts for the purpose of segregating toll charges, bond sale proceeds, and other revenues.