Committee hears bill to authorize up to $1.6 billion in bonds for I‑5 Columbia River bridge replacement

The House Transportation Committee on Feb. 24 heard a briefing and public testimony on House Bill 19-58, an agency-request measure that would authorize up to $1.6 billion in bonds to help fund design, right-of-way and construction of the Interstate Bridge Replacement (IBR) project on I‑5 over the Columbia River.

The bill would allow the state to issue general obligation bonds backing repayment first by toll revenue and then by fuel excise taxes and vehicle fees, or, if determined beneficial, to issue revenue bonds. It also explicitly contemplates Washington acting as a TIFIA applicant for federal credit assistance. "The legislation is a necessary step forward for this important project, authorizing up to $1,600,000,000.0 in bond financing to fund the design, right of way and construction of the interstate bridge replacement project," Doug Vaughn, WSDOT principal financial officer, told the committee.

Why it matters: The I‑5 Columbia River Bridge is nearing the end of its service life and is a critical freight and passenger link for the Pacific Northwest. The project already has federal and state commitments — the…