SB 6378: Alaskan Way viaduct finance

Summary

• Requires State Route 99 (SR 99) tunnel toll charges to be used to repay the Transportation Partnership Account (TPA) for any amounts transferred from it to the Highway Bond Retirement Fund to provide for bond retirement and interest for up to $200 million of Washington State Department of Transportation (WSDOT) designated reimbursable bonds.
• Mandates that WSDOT, in consultation with the Office of the State Treasurer (OST), prepare and submit to the tolling authority a toll reimbursement plan that includes an initial projected toll rate schedule and a debt service schedule—prepared by OST.
• Requires that toll rates be established and toll revenue used for the currently required purposes, as well as to provide for the funding of a repair and replacement reserve in an amount to be determined by WSDOT for current and future fiscal years.
• Mandates that, if the SR 99 tunnel toll revenue collected for any fiscal year is less than the amount required under state law, WSDOT obtain and provide the tolling authority with written recommendations for any adjustments to the toll rate schedule, and that the Washington State Transportation Commission take steps to address the shortfall within 60 days of receipt of these recommendations.

From the Senate Bill Report (Orig.) (SB 6378), written by the Legislature's nonpartisan staff. Read the full report ↗