BILL REQ. #:  S-3384.1 

Read first time 01/15/10.   Referred to Committee on Transportation.

     AN ACT Relating to the authorization, administration, and collection of tolls on the Interstate 90 floating bridge corridor; amending RCW 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   It is the intent of the legislature to seek the required federal approval to toll the existing Interstate 90 floating bridge corridor.
     It is further the intent of the legislature to impose tolls on the Interstate 90 floating bridge corridor to fully finance construction of the replacement state route number 520 bridge.
     Based on the financing strategy of the state route number 520 work group created under RCW 47.01.418, unless additional state or federal funds are secured, the state route number 520 bridge replacement and HOV project is not fully funded without assuming tolls on the Interstate 90 floating bridge corridor.

NEW SECTION.  Sec. 2   A new section is added to chapter 47.56 RCW under the subchapter heading "toll facilities created after July 1, 2008" to read as follows:
     (1) The initial imposition of tolls on the Interstate 90 floating bridge corridor is authorized, the Interstate 90 floating bridge 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 Interstate 90 floating bridge corridor consists of that portion of Interstate 90 between the junctions of Interstate 5 and Interstate 405.
     (3)(a) Tolling must commence on the Interstate 90 floating bridge corridor concurrently with tolling commencement on the state route number 520 corridor, or as soon as is practicable.
     (b) 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 to complete funding for the state route number 520 corridor.
     (c) 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 issued to fund the state route number 520 bridge replacement and HOV project, and interest payments on the bonds, to generate revenue as provided in (b) of this subsection.
     (4) The proceeds of the bonds designated in subsection 3(c) of this section, together with tolls authorized under this section, and other appropriated and identified state and federal funds are sufficient to pay for the state route number 520 bridge replacement and HOV project, but not to exceed four billion six hundred fifty million dollars.
     (5) For the purposes of RCW 47.56.820, the Interstate 90 floating bridge corridor is considered part of the state route number 520 corridor toll facility as designated in RCW 47.56.870(1).

Sec. 3   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) 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) All of the tolls and other revenues received from the operation of the Interstate 90 floating bridge corridor as a toll facility, to be deposited at least monthly;
     (d) Any interest that may be earned from the deposit or investment of those revenues;
     (((d))) (e) 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))) (f) 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.