BILL REQ. #: S-1053.1
State of Washington | 63rd Legislature | 2013 Regular Session |
Read first time 02/05/13. Referred to Committee on Transportation.
AN ACT Relating to use of toll bridge revenue; and amending RCW 47.56.165 and 47.46.100.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 47.56.165 and 2009 c 567 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 required costs that contribute directly to the financing,
operation, maintenance, management, and necessary repairs of the tolled
facility, as determined by rule by the transportation commission.
However, management costs must account for no more than two percent of
all expenditures. For purposes of this subsection (3)(a), management
costs do not include the costs of adjudication, toll operator
contracts, or insurance; ((and))
(b) Repay amounts to the motor vehicle fund as required under RCW
47.46.140; and
(c) Maintain a sufficient minimum fund balance of no more than six
percent of the combined costs that contribute directly to the
financing, operation, maintenance, management, and necessary repairs of
the tolled facility during any fiscal year.
(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.
Sec. 2 RCW 47.46.100 and 2002 c 114 s 7 are each amended to read
as follows:
(1) The commission shall fix the rates of toll and other charges
for all toll bridges built under this chapter that are financed
primarily by bonds issued by the state. Subject to RCW 47.46.090, the
commission may impose and modify toll charges from time to time as
conditions warrant.
(2) In establishing toll charges, the commission shall give due
consideration to any required costs for operating and maintaining the
toll bridge or toll bridges, including the cost of insurance, and to
any amount required by law to meet the redemption of bonds and interest
payments on them.
(3) The toll charges must be imposed in amounts sufficient to:
(a) Provide annual revenue sufficient to provide for annual
operating and maintenance expenses, except as provided in RCW 47.56.165
and 47.56.245;
(b) Make payments required under RCW 47.56.165 and 47.46.140,
including insurance costs and the payment of principal and interest on
bonds issued for any particular toll bridge or toll bridges; ((and))
(c) Repay the motor vehicle fund under RCW 47.46.110, 47.56.165,
and 47.46.140; and
(d) Maintain a sufficient minimum fund balance of no more than six
percent of the combined costs that contribute directly to the
financing, operation, maintenance, management, and necessary repairs of
the tolled facility during any fiscal year.
(4) The bond principal and interest payments, including repayment
of the motor vehicle fund for amounts transferred from that fund to
provide for such principal and interest payments, constitute a first
direct and exclusive charge and lien on all tolls and other revenues
from the toll bridge concerned, subject to operating and maintenance
expenses.