Creates the office of flood risk reduction and habitat restoration in the department of ecology with the primary purpose of the office being to administer a competitive grant program that actively supports the implementation of projects that reduce the risk of flooding, protect against damage caused by floods, and protect or restore naturally functioning areas where floods occur.

Authorizes the state finance committee to issue general obligation bonds of the state, in the sum of one billion dollars or as much thereof as may be required, for the purpose of providing funds to finance legislatively approved flood risk reduction and habitat restoration projects, and all costs incidental thereto.

Creates the flood risk reduction and habitat restoration account and the flood risk reduction and habitat restoration taxable account.

Provides for submission of this act to a vote of the people.