SENATE BILL REPORT

SB 5129

BYSenators Talmadge, Garrett, Lee and Stratton

Authorizing revenue bonds for a toll bridge on First Avenue South in Seattle.

Senate Committee on Transportation

Senate Hearing Date(s):March 5, 1987

Majority Report:  Do pass.

      Signed by Senators Peterson, Chairman; Hansen, Vice Chairman; Tanner, Vice Chairman; Bailey, Barr, Bender, Conner, DeJarnatt, Garrett, Halsan, Johnson, Nelson, Patterson, Smitherman, von Reichbauer, West.

Senate Staff:Gene Schlatter (786-7316)

                  April 16, 1987

AS PASSED SENATE, MARCH 18, 1987

BACKGROUND:

The First Avenue South bridge is located on the Duwamish waterway in south Seattle.  The bridge, designed in the 1950s to connect Seattle with SR 99, currently links SR 99 on the north with SR 509 and SR 518 to the south.

The existing bridge consists of five ten-foot wide lanes and the center lane is operated as a reversible lane during peak hours.  Traffic volumes across the bridge have increased by 40 percent since 1972 according to an independent study prepared for the Washington State Department of Transportation by Parsons Brinckerhoff in 1985.  The study concluded that traffic congestion, high accident rates, and hazardous conditions for bicyclists and pedestrians make the bridge unsafe.

The bridge is estimated to cost approximately $100 million, based upon costs for 1992.  A 52 cent toll would be required to pay back a toll bond.  With this pricing it is estimated that a 23 percent diversion of traffic would occur resulting in an average daily traffic load of about 65,000.

The 1985 study recommended a tri-partisan approach for payment of the bridge.  The state would pay part from category C funds since the bridge is part of a state route; the Port of Seattle would pay part since it is a large landowner within the area and pays no taxes; and locals would pay the remainder through tolls since they are the beneficiaries of the bridge.

SUMMARY:

The Transportation Commission is granted authority to issue revenue bonds for the purpose of constructing a toll bridge on First Avenue South.  The Commission is to seek local funding as well which would be matched by category C state funds.

Fiscal Note:      none requested

Senate Committee - Testified: Senator Talmadge

HOUSE AMENDMENT:

The Transportation Commission is given permissive authority to construct a new First Avenue South bridge with toll-financed revenue bonds.  The commission must conduct the appropriate studies to determine the economic and operational feasibility of a toll-financed bridge, as well as whether it would be allowable under federal law.  The Transportation Committee is authorized to conduct a study, paid from Category C funds to determine the economic and operational feasibility and consistency with federal law.

If the Commission concludes that construction with toll-financed revenue bonds is economically and operationally feasible, the Commission may issue and sell revenue bonds to construct the facilities and impose and collect tolls to fund the bonds issued.

The city of Seattle, in cooperation with the Department of Transportation, is authorized to conduct a study to determine whether it is operationally feasible and consistent with federal law for the city to collect tolls on the existing bridge to "pre-fund" the construction of a new bridge.  The toll collection revenues are placed in a separate account and are used solely for participation in the construction of the new bridge.  Interest generated by the funds is credited to that account.