"NEW SECTION.  Sec. 1   The legislature acknowledges that public-private initiatives provide benefits to both the public and private sectors. Such initiatives will provide the state with increased access to project development opportunities and financial and development expertise, and will supplement state transportation revenues, allowing the state to use its limited resources for other needed projects.

NEW SECTION.  Sec. 2   A new section is added to chapter 47.01 RCW to read as follows:
     (1) The department may solicit, evaluate, negotiate, and administer a public-private partnership for the construction, operation, and maintenance of high occupancy toll lanes on Interstate 405 between the junctions with Interstate 5 on the north end and NE 6th Street in the city of Bellevue on the south end. Any public-private partnership proposal entered into by the department must demonstrate that revenues generated on high occupancy toll lanes on Interstate 405 will, at a minimum, exceed operating costs of the toll facility and provide at least fifty percent of the planned capital construction costs for capacity improvements on Interstate 405 between Bellevue and Renton, identified as option four in the department's eastside corridor tolling study provided to the legislature in January 2010.
     (2) Any public-private partnership agreements for constructing and operating high occupancy toll lanes on Interstate 405 entered into by the department should establish the conditions under which the private developer may secure the approval necessary to: Develop and operate the proposed transportation facilities; create a framework to attract the private capital necessary to finance their development; ensure that the proposed transportation facilities will be designed, constructed, and operated in accordance with applicable local, regional, state, and federal laws and the applicable standards and policies of the department; and require a demonstration that the proposed transportation facilities have the support of the affected communities and local jurisdictions.
     (3) If, by June 1, 2011, no public-private partnership has been entered into by the department for the purposes identified in subsection (1) of this section, the department shall construct the Interstate 405/Kirkland Vicinity - Stage 2 widening project, funded in part by the 2003 nickel funding package, as soon as practicable to provide additional general purpose lane capacity on Interstate 405.

NEW SECTION.  Sec. 3   This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately."