S-0346.1
SENATE BILL 5276
State of Washington
68th Legislature
2023 Regular Session
BySenators King and Liias
Read first time 01/11/23.Referred to Committee on Transportation.
AN ACT Relating to avoiding interest arbitrage charges on bond proceeds in the capital vessel replacement account; amending 2022 c 186 s 406 (uncodified); and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION.  Sec. 1. The legislature finds that delays in the procurement of additional ferry boat vessels have correspondingly delayed the time frame in which the proceeds of bonds issued for that purpose may be spent. The legislature further finds that, absent timely legislative action, the state may be subject to internal revenue service arbitrage rebate penalties for failure to expend the bond proceeds in a timely manner. It is the intent of the legislature to repurpose the bond proceeds to allow the department of transportation to spend the funds within internal revenue service timelines.
Sec. 2. 2022 c 186 s 406 (uncodified) is amended to read as follows:
FOR THE STATE TREASURER—ADMINISTRATIVE TRANSFERS
(1) Highway Safety Account—State Appropriation:
For transfer to the State Patrol Highway
Account—State
. . . .
$47,000,000
(2)(((a) Transportation Partnership Account—State
Appropriation: For transfer to the Capital Vessel
Replacement Account—State
. . . .
$45,468,000
(b) The amount transferred in this subsection represents proceeds from the sale of bonds authorized in RCW 47.10.873.
(3)))(a) Transportation Partnership Account—State
Appropriation: For transfer to the Tacoma Narrows Toll Bridge Account—State
. . . .
$30,293,000
(b) It is the intent of the legislature that this transfer is temporary, for the purpose of minimizing the impact of toll increases. An equivalent reimbursing transfer is to occur after the debt service and deferred sales tax on the Tacoma Narrows bridge construction costs are fully repaid in accordance with chapter 195, Laws of 2018.
(((4)))(3)(a) Motor Vehicle Account—State Appropriation:
For transfer to Alaskan Way Viaduct Replacement Project
Account—State
. . . .
$6,000,000
(b) The funds provided in (a) of this subsection are a loan to the Alaskan Way viaduct replacement project account—state, and the legislature assumes that these funds will be reimbursed to the motor vehicle account—state at a later date when traffic on the toll facility has recovered from the COVID-19 pandemic.
(((5)))(4) Motor Vehicle Account—State Appropriation:
For transfer to the County Arterial Preservation
Account—State
. . . .
$7,666,000
(((6)))(5) Motor Vehicle Account—State Appropriation:
For transfer to the Freight Mobility Investment
Account—State
. . . .
$5,511,000
(((7)))(6) Motor Vehicle Account—State Appropriation:
For transfer to the Rural Arterial Trust Account—State
. . . .
$9,331,000
(((8)))(7) Motor Vehicle Account—State Appropriation:
For transfer to the Transportation Improvement
Account—State
. . . .
$9,688,000
(((9)))(8) Rural Mobility Grant Program Account—State
Appropriation: For transfer to the Multimodal
Transportation Account—State
. . . .
$3,000,000
(((10)))(9)(a) State Route Number 520 Civil Penalties
Account—State Appropriation: For transfer to the
Motor Vehicle Account—State
. . . .
$2,000,000
(b) The transfer in this subsection is to repay moneys loaned to the state route number 520 civil penalties account in the 2019-2021 fiscal biennium.
(((11)))(10) State Route Number 520 Civil Penalties
Account—State Appropriation: For transfer to the
State Route Number 520 Corridor Account—State
. . . .
$1,532,000
(((12)))(11) Capital Vessel Replacement Account—State
Appropriation: For transfer to the Connecting
Washington Account—State
. . . .
$35,000,000
(((13)))(12)(a) Capital Vessel Replacement Account—State
Appropriation: For transfer to the Transportation
Partnership Account—State
. . . .
(($1,542,000))
     
$35,547,000
(b) The amount transferred in this subsection represents ((repayment of debt service incurred for the construction of the Hybrid Electric Olympic Class (144-auto) Vessel #5 project (L2000329)))proceeds from the sale of bonds authorized in the 2019-2021 biennium in RCW 47.10.873.
(((14)))(13) Multimodal Transportation Account—State
Appropriation: For transfer to the Complete Streets
Grant Program Account—State
. . . .
$14,670,000
(((15)))(14) Multimodal Transportation Account—State
Appropriation: For transfer to the Connecting
Washington Account—State
. . . .
$200,000,000
(((16)))(15) Multimodal Transportation Account—State
Appropriation: For transfer to the Freight Mobility
Multimodal Account—State
. . . .
$4,011,000
(((17)))(16) Multimodal Transportation Account—State
Appropriation: For transfer to the Ignition Interlock
Device Revolving Account—State
. . . .
$600,000
(((18)))(17) Multimodal Transportation Account—State
Appropriation: For transfer to the Pilotage
Account—State
. . . .
$2,000,000
(((19)))(18) Multimodal Transportation Account—State
Appropriation: For transfer to the Puget Sound
Capital Construction Account—State
. . . .
$816,700,000
(((20)))(19) Multimodal Transportation Account—State
Appropriation: For transfer to the Regional Mobility
Grant Program Account—State
. . . .
$27,679,000
(((21)))(20) Multimodal Transportation Account—State
Appropriation: For transfer to the Rural Mobility
Grant Program Account—State
. . . .
$15,223,000
(((22)))(21)(a) Alaskan Way Viaduct Replacement Project
Account—State Appropriation: For transfer to the
Transportation Partnership Account—State
. . . .
$22,884,000
(b) The amount transferred in this subsection represents repayment of debt service incurred for the construction of the SR 99/Alaskan Way Viaduct Replacement project (809936Z).
(((23)))(22) Tacoma Narrows Toll Bridge Account—State
Appropriation: For transfer to the Motor Vehicle
Account—State
. . . .
$950,000
(((24)))(23) Puget Sound Ferry Operations Account—State
Appropriation: For transfer to the Puget Sound
Capital Construction Account—State
. . . .
$60,000,000
(((25)))(24)(a) General Fund Account—State
Appropriation: For transfer to the State Patrol
Highway Account—State
. . . .
$625,000
(b) The state treasurer shall transfer the funds only after receiving notification from the Washington state patrol under section 207(2), chapter 333, Laws of 2021.
(((26)))(25) Motor Vehicle Account—State
Appropriation: For transfer to the Puget Sound
Capital Construction Account—State
. . . .
$30,000,000
(((27)))(26) Multimodal Transportation Account—State
Appropriation: For transfer to the I-405 and SR 167
Express Toll Lanes Account—State
. . . .
$268,433,000
(((28)))(27) Multimodal Transportation Account—State
Appropriation: For transfer to the Move Ahead WA
Account—State
. . . .
$874,081,000
(((29)))(28) Multimodal Transportation Account—State
Appropriation: For transfer to the State Route
Number 520 Corridor Account—State
. . . .
$70,786,000
(((30)))(29) Motor Vehicle Account—State
Appropriation: For transfer to the Connecting Washington
Account—State
. . . .
$80,000,000
(((31)))(30) Move Ahead WA Account—State
Appropriation: For transfer to the Connecting Washington
Account—State
. . . .
$600,000,000
(((32)))(31) Transportation Improvement Account—State
Appropriation: For transfer to the Transportation
Improvement Board Bond Retirement Account
. . . .
$6,451,550
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