State of Washington | 62nd Legislature | 2012 Regular Session |
READ FIRST TIME 02/07/12.
AN ACT Relating to financing the Interstate 5 Columbia river crossing project; reenacting and amending RCW 43.84.092 and 47.56.810; adding new sections to chapter 47.56 RCW; creating new sections; providing a contingent effective date; and providing a contingent expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 The legislature finds that the replacement
and improvement of the Interstate 5 Columbia river crossing is critical
for the west coast's transportation system and for the safety of
Washington and Oregon drivers. The interstate bridge includes two
side-by-side structures built in 1917 and 1958. In 2005, approximately
one hundred thirty-four thousand vehicles traveled across the
interstate bridge each day, and about forty billion dollars in freight
crosses the river each year. Collisions on and near the bridge occur
at a rate almost twice as high as other similar urban highways, and the
aging bridges are vulnerable to earthquakes. Replacing these
structures and making multimodal improvements to facilitate travel in
the bistate corridor is essential for the economy of the region.
Therefore, the state must develop a comprehensive approach to fund an
Interstate 5 Columbia river crossing project.
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) For the purposes of this section and sections 3 and 4 of this
act, "Columbia river crossing project" means the bistate, multimodal
corridor improvement program between the state route number 500
interchange in Vancouver, Washington and the Victory Boulevard
interchange in Portland, Oregon.
(2) The Columbia river crossing project is designated an eligible
toll facility. Tolls are authorized to be imposed on the Columbia
river crossing project. However, the tolls must be charged only for
travel on the existing and replacement Interstate 5 Columbia river
bridges. Tolls may not be charged for travel on any portion of
Interstate 205. Toll revenue generated on the Columbia river crossing
project must be expended only as allowed under RCW 47.56.820. The
total cost of the Columbia river crossing project may not exceed three
billion four hundred thirteen million dollars.
NEW SECTION. Sec. 3 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) A special account to be known as the Columbia river crossing
project account is created in the state treasury.
(2) Deposits to the account must include:
(a) All proceeds of bonds and loans issued for the Columbia river
crossing project, including any capitalized interest;
(b) All tolls and other revenues received from the operation of the
Columbia river crossing project 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 Columbia river crossing project;
and
(e) All damages, liquidated or otherwise, collected under any
contract involving the Columbia river crossing project.
NEW SECTION. Sec. 4 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:
For the Columbia river crossing project, the tolling authority may
enter into agreements with the Oregon state transportation commission
regarding the mutual or joint setting, adjustment, and review of toll
rates as the tolling authority may find necessary to carry out the
purposes of this section. Any agreement between the tolling authority
and the Oregon state transportation commission made pursuant to this
section takes effect, and is not binding and enforceable until, thirty
days after adjournment of the next ensuing regular legislative session.
If the tolling authority has not entered into an agreement with the
Oregon state transportation commission by December 31, 2015, this
section expires.
Sec. 5 RCW 43.84.092 and 2011 1st sp.s. c 16 s 6, 2011 1st sp.s.
c 7 s 22, 2011 c 369 s 6, 2011 c 339 s 1, 2011 c 311 s 9, 2011 c 272 s
3, 2011 c 120 s 3, and 2011 c 83 s 7 are each reenacted and amended to
read as follows:
(1) All earnings of investments of surplus balances in the state
treasury shall be deposited to the treasury income account, which
account is hereby established in the state treasury.
(2) The treasury income account shall be utilized to pay or receive
funds associated with federal programs as required by the federal cash
management improvement act of 1990. The treasury income account is
subject in all respects to chapter 43.88 RCW, but no appropriation is
required for refunds or allocations of interest earnings required by
the cash management improvement act. Refunds of interest to the
federal treasury required under the cash management improvement act
fall under RCW 43.88.180 and shall not require appropriation. The
office of financial management shall determine the amounts due to or
from the federal government pursuant to the cash management improvement
act. The office of financial management may direct transfers of funds
between accounts as deemed necessary to implement the provisions of the
cash management improvement act, and this subsection. Refunds or
allocations shall occur prior to the distributions of earnings set
forth in subsection (4) of this section.
(3) Except for the provisions of RCW 43.84.160, the treasury income
account may be utilized for the payment of purchased banking services
on behalf of treasury funds including, but not limited to, depository,
safekeeping, and disbursement functions for the state treasury and
affected state agencies. The treasury income account is subject in all
respects to chapter 43.88 RCW, but no appropriation is required for
payments to financial institutions. Payments shall occur prior to
distribution of earnings set forth in subsection (4) of this section.
(4) Monthly, the state treasurer shall distribute the earnings
credited to the treasury income account. The state treasurer shall
credit the general fund with all the earnings credited to the treasury
income account except:
(a) The following accounts and funds shall receive their
proportionate share of earnings based upon each account's and fund's
average daily balance for the period: The aeronautics account, the
aircraft search and rescue account, the budget stabilization account,
the capital vessel replacement account, the capitol building
construction account, the Cedar River channel construction and
operation account, the Central Washington University capital projects
account, the charitable, educational, penal and reformatory
institutions account, the cleanup settlement account, the Columbia
river basin water supply development account, the Columbia river basin
taxable bond water supply development account, the Columbia river basin
water supply revenue recovery account, the Columbia river crossing
project account, the common school construction fund, the county
arterial preservation account, the county criminal justice assistance
account, the county sales and use tax equalization account, the
deferred compensation administrative account, the deferred compensation
principal account, the department of licensing services account, the
department of retirement systems expense account, the developmental
disabilities community trust account, the drinking water assistance
account, the drinking water assistance administrative account, the
drinking water assistance repayment account, the Eastern Washington
University capital projects account, the Interstate 405 express toll
lanes operations account, the education construction fund, the
education legacy trust account, the election account, the energy
freedom account, the energy recovery act account, the essential rail
assistance account, The Evergreen State College capital projects
account, the federal forest revolving account, the ferry bond
retirement fund, the freight congestion relief account, the freight
mobility investment account, the freight mobility multimodal account,
the grade crossing protective fund, the public health services account,
the health system capacity account, the high capacity transportation
account, the state higher education construction account, the higher
education construction account, the highway bond retirement fund, the
highway infrastructure account, the highway safety account, the high
occupancy toll lanes operations account, the hospital safety net
assessment fund, the industrial insurance premium refund account, the
judges' retirement account, the judicial retirement administrative
account, the judicial retirement principal account, the local leasehold
excise tax account, the local real estate excise tax account, the local
sales and use tax account, the marine resources stewardship trust
account, the medical aid account, the mobile home park relocation fund,
the motor vehicle fund, the motorcycle safety education account, the
multiagency permitting team account, the multimodal transportation
account, the municipal criminal justice assistance account, the
municipal sales and use tax equalization account, the natural resources
deposit account, the oyster reserve land account, the pension funding
stabilization account, the perpetual surveillance and maintenance
account, the public employees' retirement system plan 1 account, the
public employees' retirement system combined plan 2 and plan 3 account,
the public facilities construction loan revolving account beginning
July 1, 2004, the public health supplemental account, the public
transportation systems account, the public works assistance account,
the Puget Sound capital construction account, the Puget Sound ferry
operations account, the Puyallup tribal settlement account, the real
estate appraiser commission account, the recreational vehicle account,
the regional mobility grant program account, the resource management
cost account, the rural arterial trust account, the rural mobility
grant program account, the rural Washington loan fund, the site closure
account, the skilled nursing facility safety net trust fund, the small
city pavement and sidewalk account, the special category C account, the
special wildlife account, the state employees' insurance account, the
state employees' insurance reserve account, the state investment board
expense account, the state investment board commingled trust fund
accounts, the state patrol highway account, the state route number 520
civil penalties account, the state route number 520 corridor account,
the state wildlife account, the supplemental pension account, the
Tacoma Narrows toll bridge account, the teachers' retirement system
plan 1 account, the teachers' retirement system combined plan 2 and
plan 3 account, the tobacco prevention and control account, the tobacco
settlement account, the transportation 2003 account (nickel account),
the transportation equipment fund, the transportation fund, the
transportation improvement account, the transportation improvement
board bond retirement account, the transportation infrastructure
account, the transportation partnership account, the traumatic brain
injury account, the tuition recovery trust fund, the University of
Washington bond retirement fund, the University of Washington building
account, the volunteer firefighters' and reserve officers' relief and
pension principal fund, the volunteer firefighters' and reserve
officers' administrative fund, the Washington judicial retirement
system account, the Washington law enforcement officers' and
firefighters' system plan 1 retirement account, the Washington law
enforcement officers' and firefighters' system plan 2 retirement
account, the Washington public safety employees' plan 2 retirement
account, the Washington school employees' retirement system combined
plan 2 and 3 account, the Washington state economic development
commission account, the Washington state health insurance pool account,
the Washington state patrol retirement account, the Washington State
University building account, the Washington State University bond
retirement fund, the water pollution control revolving fund, and the
Western Washington University capital projects account. Earnings
derived from investing balances of the agricultural permanent fund, the
normal school permanent fund, the permanent common school fund, the
scientific permanent fund, and the state university permanent fund
shall be allocated to their respective beneficiary accounts.
(b) Any state agency that has independent authority over accounts
or funds not statutorily required to be held in the state treasury that
deposits funds into a fund or account in the state treasury pursuant to
an agreement with the office of the state treasurer shall receive its
proportionate share of earnings based upon each account's or fund's
average daily balance for the period.
(5) In conformance with Article II, section 37 of the state
Constitution, no treasury accounts or funds shall be allocated earnings
without the specific affirmative directive of this section.
Sec. 6 RCW 47.56.810 and 2011 c 377 s 7 and 2011 c 369 s 2 are
each reenacted and amended to read as follows:
The definitions in this section apply throughout this subchapter
unless the context clearly requires otherwise:
(1) "Eligible toll facility" or "eligible toll facilities" means
portions of the state highway system specifically identified by the
legislature including, but not limited to, transportation corridors,
bridges, crossings, interchanges, on-ramps, off-ramps, approaches,
bistate facilities, and interconnections between highways. For
purposes of a bistate facility, the legislature may define an "eligible
toll facility" to include a part of a project that may extend beyond
the state border.
(2) "Express toll lanes" means one or more high occupancy vehicle
lanes of a highway in which the department charges tolls primarily as
a means of regulating access to or use of the lanes to maintain travel
speed and reliability.
(3) "Toll revenue" or "revenue from an eligible toll facility"
means toll receipts, all interest income derived from the investment of
toll receipts, and any gifts, grants, or other funds received for the
benefit of transportation facilities in the state, including eligible
toll facilities.
(4) "Tolling authority" means the governing body that is legally
empowered to review and adjust toll rates. Unless otherwise delegated,
the transportation commission is the tolling authority for all state
highways.
NEW SECTION. Sec. 7 Except for section 4 of this act, this act
takes effect upon, and tolls may not be collected on the Columbia river
crossing project until: (1) Certification of the secretary of
transportation to the governor that the department of transportation
has received satisfactory evidence that sufficient funding, including
federal funds, will be available to complete the phase of the Columbia
river crossing project that includes the construction of the Columbia
river bridge and landings; and (2) the agreement or agreements
described in section 4 of this act have taken effect. If the secretary
of transportation does not provide such certification to the governor
by December 31, 2015, this act, except for section 4 of this act, is
null and void.
NEW SECTION. Sec. 8 The secretary of transportation must provide
notice that the governor has received certification as described under
section 7 of this act to affected parties, the chief clerk of the house
of representatives, the secretary of the senate, the office of the code
reviser, and others as deemed appropriate by the secretary.
Additionally, the tolling authority, as defined in RCW 47.56.810, must
provide written notice that the agreements described under section 4 of
this act have taken effect to affected parties, the chief clerk of the
house of representatives, the secretary of the senate, the office of
the code reviser, and others as deemed appropriate by the tolling
authority.