(1) The Interstate 405 and state route number 167 express toll lanes account is created in the motor vehicle fund.
(2) Deposits to the account must include:
(a) All proceeds of bonds authorized in RCW
47.10.896(1)(a) and loans for the Interstate 405 and state route number 167 projects, including capitalized interest;
(b) All tolls and other revenues received from the operation of the Interstate 405 and state route number 167 express toll lanes 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 completing the Interstate 405 and state route number 167 express toll lanes facility; and
(e) All damages liquidated or otherwise, collected under any contract involving Interstate 405 or state route number 167 projects.
(3) Moneys in the account may be spent only after appropriation, consistent with RCW
47.56.820.
(4) The proceeds of the general obligation bonds authorized in RCW
47.10.896(1)(a) shall be used to make progress toward completion of the Interstate 405 and state route number 167 master plans. It is the intent of the legislature to first use the bond proceeds for the following projects:
(a) Up to six hundred million dollars to design and construct capacity improvements on Interstate 405 between state route number 522 and state route number 527. This project would widen Interstate 405 through the state route number 522 interchange, build direct access ramps to the express toll lanes at state route number 522, build one new lane in each direction to be used as a second express toll lane, and build a partial direct access ramp at state route number 527 to the east, north, and south, to provide connections to the Canyon Park park and ride;
(b) Up to two hundred fifteen million dollars toward completion of the I-405/Renton to Bellevue - Corridor Widening project (M00900R);
(c) Up to three million dollars to update the state route number 167 master plan;
(d) Up to one hundred million dollars to construct both the northbound and southbound state route number 167 stage 6 extension project. This project would extend the express toll lanes south to the state route number 410 and state route number 512 interchange to help mitigate traffic congestion; and
(e) Up to twenty million dollars to design the Interstate 405/North 8th Street Direct Access Ramp project in the city of Renton. It is the intent of the legislature to provide construction funding for this project at a later date.