| Passed by the Senate March 5, 2009 YEAS 45 BRAD OWEN ________________________________________ President of the Senate Passed by the House April 26, 2009 YEAS 95 FRANK CHOPP ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 5795 as passed by the Senate and the House of Representatives on the dates hereon set forth. THOMAS HOEMANN ________________________________________ Secretary | |
| Approved May 19, 2009, 3:59 p.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | May 20, 2009 Secretary of State State of Washington |
| State of Washington | 61st Legislature | 2009 Regular Session |
READ FIRST TIME 02/19/09.
AN ACT Relating to the Tacoma Narrows toll bridge account; and amending RCW 47.56.165.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 47.56.165 and 2006 c 17 s 1 are each amended to read
as follows:
A special account to be known as the Tacoma Narrows toll bridge
account is created in the motor vehicle fund in the state treasury.
(1) Deposits to the account must include:
(a) All proceeds of bonds issued for construction of the Tacoma
Narrows public-private initiative project, including any capitalized
interest;
(b) All of the toll charges and other revenues received from the
operation of the Tacoma Narrows bridge 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 second
Tacoma Narrows bridge; and
(e) All liquidated damages collected under any contract involving
the construction of the second Tacoma Narrows bridge.
(2) Proceeds of bonds shall be used consistent with RCW 47.46.130,
including the reimbursement of expenses and fees incurred under
agreements entered into under RCW 47.46.040 as required by those
agreements.
(3) Toll charges, other revenues, and interest may only be used to:
(a) Pay ((any)) required costs ((of)) that contribute directly to
the financing, operation, maintenance, ((and)) management, and
necessary repairs of the tolled facility, as determined by rule by the
transportation commission; and
(b) Repay amounts to the motor vehicle fund as required under RCW
47.46.140.
(4) Toll charges, other revenues, and interest may not be used to
pay for costs that do not contribute directly to the financing,
operation, maintenance, management, and necessary repairs of the tolled
facility, as determined by rule by the transportation commission.
(5) The department shall make detailed quarterly expenditure
reports available to the transportation commission and to the public on
the department's web site using current department resources.
(6) When repaying the motor vehicle fund under RCW 47.46.140, the
state treasurer shall transfer funds from the Tacoma Narrows toll
bridge account to the motor vehicle fund on or before each debt service
date for bonds issued for the Tacoma Narrows public-private initiative
project 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.