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 TREASURERADMINISTRATIVE TRANSFERS
(1) Highway Safety AccountState Appropriation:
For transfer to the State Patrol Highway
AccountState
. . . .
$47,000,000
(2)(((a) Transportation Partnership AccountState
Appropriation: For transfer to the Capital Vessel
Replacement AccountState
. . . .
$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 AccountState
Appropriation: For transfer to the Tacoma Narrows Toll Bridge AccountState
. . . .
$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 AccountState Appropriation:
For transfer to Alaskan Way Viaduct Replacement Project
AccountState
. . . .
$6,000,000
(b) The funds provided in (a) of this subsection are a loan to the Alaskan Way viaduct replacement project accountstate, and the legislature assumes that these funds will be reimbursed to the motor vehicle accountstate at a later date when traffic on the toll facility has recovered from the COVID-19 pandemic.
(((5)))(4) Motor Vehicle AccountState Appropriation:
For transfer to the County Arterial Preservation
AccountState
. . . .
$7,666,000
(((6)))(5) Motor Vehicle AccountState Appropriation:
For transfer to the Freight Mobility Investment
AccountState
. . . .
$5,511,000
(((7)))(6) Motor Vehicle AccountState Appropriation:
For transfer to the Rural Arterial Trust AccountState
. . . .
$9,331,000
(((8)))(7) Motor Vehicle AccountState Appropriation:
For transfer to the Transportation Improvement
AccountState
. . . .
$9,688,000
(((9)))(8) Rural Mobility Grant Program AccountState
Appropriation: For transfer to the Multimodal
Transportation AccountState
. . . .
$3,000,000
(((10)))(9)(a) State Route Number 520 Civil Penalties
AccountState Appropriation: For transfer to the
Motor Vehicle AccountState
. . . .
$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
AccountState Appropriation: For transfer to the
State Route Number 520 Corridor AccountState
. . . .
$1,532,000
(((12)))(11) Capital Vessel Replacement AccountState
Appropriation: For transfer to the Connecting
Washington AccountState
. . . .
$35,000,000
(((13)))(12)(a) Capital Vessel Replacement AccountState
Appropriation: For transfer to the Transportation
Partnership AccountState
. . . .
(($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 AccountState
Appropriation: For transfer to the Complete Streets
Grant Program AccountState
. . . .
$14,670,000
(((15)))(14) Multimodal Transportation AccountState
Appropriation: For transfer to the Connecting
Washington AccountState
. . . .
$200,000,000
(((16)))(15) Multimodal Transportation AccountState
Appropriation: For transfer to the Freight Mobility
Multimodal AccountState
. . . .
$4,011,000
(((17)))(16) Multimodal Transportation AccountState
Appropriation: For transfer to the Ignition Interlock
Device Revolving AccountState
. . . .
$600,000
(((18)))(17) Multimodal Transportation AccountState
Appropriation: For transfer to the Pilotage
AccountState
. . . .
$2,000,000
(((19)))(18) Multimodal Transportation AccountState
Appropriation: For transfer to the Puget Sound
Capital Construction AccountState
. . . .
$816,700,000
(((20)))(19) Multimodal Transportation AccountState
Appropriation: For transfer to the Regional Mobility
Grant Program AccountState
. . . .
$27,679,000
(((21)))(20) Multimodal Transportation AccountState
Appropriation: For transfer to the Rural Mobility
Grant Program AccountState
. . . .
$15,223,000
(((22)))(21)(a) Alaskan Way Viaduct Replacement Project
AccountState Appropriation: For transfer to the
Transportation Partnership AccountState
. . . .
$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 AccountState
Appropriation: For transfer to the Motor Vehicle
AccountState
. . . .
$950,000
(((24)))(23) Puget Sound Ferry Operations AccountState
Appropriation: For transfer to the Puget Sound
Capital Construction AccountState
. . . .
$60,000,000
(((25)))(24)(a) General Fund AccountState
Appropriation: For transfer to the State Patrol
Highway AccountState
. . . .
$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 AccountState
Appropriation: For transfer to the Puget Sound
Capital Construction AccountState
. . . .
$30,000,000
(((27)))(26) Multimodal Transportation AccountState
Appropriation: For transfer to the I-405 and SR 167
Express Toll Lanes AccountState
. . . .
$268,433,000
(((28)))(27) Multimodal Transportation AccountState
Appropriation: For transfer to the Move Ahead WA
AccountState
. . . .
$874,081,000
(((29)))(28) Multimodal Transportation AccountState
Appropriation: For transfer to the State Route
Number 520 Corridor AccountState
. . . .
$70,786,000
(((30)))(29) Motor Vehicle Account—State
Appropriation: For transfer to the Connecting Washington
AccountState
. . . .
$80,000,000
(((31)))(30) Move Ahead WA Account—State
Appropriation: For transfer to the Connecting Washington
AccountState
. . . .
$600,000,000
(((32)))(31) Transportation Improvement AccountState
Appropriation: For transfer to the Transportation
Improvement Board Bond Retirement Account
. . . .
$6,451,550
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