BILL REQ. #:  S-3705.1 

Read first time 01/12/10.   Referred to Committee on Transportation.

     AN ACT Relating to mitigating the impacts of the state route number 520 corridor project on the Washington park arboretum; amending RCW 47.56.820, 47.56.870, and 47.56.875; adding a new section to chapter 47.56 RCW; and creating a new section.

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

NEW SECTION.  Sec. 1   The legislature finds that the Washington park arboretum is the official arboretum of the state of Washington. The University of Washington and the city of Seattle cooperatively established the arboretum in 1934, with Seattle holding title to the property and the University of Washington designing, developing, and managing the arboretum and botanic garden. The Washington park arboretum's plant collections, consisting of approximately four thousand six hundred different species and one hundred thirty-nine endangered species, are some of the most prestigious in the world. It provides ecological, aesthetic, recreational, and educational benefits to residents of Seattle and Washington state, and to visitors from around the world.
     The Washington park arboretum was, and continues to be, significantly impacted by the current configuration of state route number 520 and its associated ramps. These impacts, which affect the ecology, landscape, visitor experience, and the collections themselves, will be exacerbated by proposed changes to the state route number 520 corridor.
     Therefore, the legislature intends to create a program to support the preservation, maintenance, and enhancement of the grounds and collections at the Washington park arboretum in order to partially offset the impacts from the current configuration of state route number 520 and its associated ramps, as well as the impacts from proposed changes to the state route number 520 corridor. Funding will come specifically from tolls imposed on the state route number 520 corridor, and not from the state's general fund.

NEW SECTION.  Sec. 2   A new section is added to chapter 47.56 RCW under the subchapter heading "toll facilities created after June 1, 2008" to read as follows:
     (1) The department shall deposit one percent of any revenues from the toll imposed on the state route number 520 corridor under the authority of this subchapter, up to a maximum of one million dollars in any fiscal year, into the Washington park arboretum support account.
     (2) The Washington park arboretum support account is created in the custody of the state treasurer. On July 1st of each year, the state treasurer shall transfer: Fifty percent of any moneys in the account to the University of Washington to be used solely for the preservation, maintenance, and enhanced presentation of the Washington park arboretum's collections; and fifty percent of any moneys in the account to the city of Seattle solely for preservation, maintenance, and enhancement of Washington park. Moneys in the account may not supplant existing funding for Washington park or the Washington park arboretum. The account is subject to allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures.

Sec. 3   RCW 47.56.820 and 2008 c 122 s 4 are each amended to read as follows:
     (1) Unless otherwise delegated, only the legislature may authorize the imposition of tolls on eligible toll facilities.
     (2) Except as provided in section 2 of this act, all revenue from an eligible toll facility must be used only to construct, improve, preserve, maintain, manage, or operate the eligible toll facility on or in which the revenue is collected. Expenditures of toll revenues are subject to appropriation and must be made only:
     (a) To cover the operating costs of the eligible toll facility, including necessary maintenance, preservation, administration, and toll enforcement by public law enforcement within the boundaries of the facility;
     (b) To meet obligations for the repayment of debt and interest on the eligible toll facilities, and any other associated financing costs including, but not limited to, required reserves and insurance;
     (c) To meet any other obligations to provide funding contributions for any projects or operations on the eligible toll facilities;
     (d) To provide for the operations of conveyances of people or goods; or
     (e) For any other improvements to the eligible toll facilities.

Sec. 4   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 and section 2 of this act.
     (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)); to generate the necessary revenue as required under (b) of this subsection; and in consideration of section 2 of this act.
     (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, 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.
     (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. 5   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, including any capitalized interest;
     (b) Except as provided in section 2 of this act, 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; 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.
     (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, 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 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.