Transportation committee advances $1.1 billion general bond authorization and related bond provisions
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Summary
The Senate Transportation Committee advanced substitute Senate Bill 6,225, which would authorize $1.1 billion in general-purpose transportation bonds backed by gas tax and vehicle fees plus an additional $400 million in gas-tax bonds for Move Ahead Washington cost increases; it also raises SR 520 bond authorization by $500 million and repeals older authorizations.
The Senate Transportation Committee moved substitute Senate Bill 6,225 forward on Feb. 26, giving the bill a due-pass recommendation to the Rules Committee.
Haley Gamble, committee staff, briefed the measure. "As a reminder, there's $1,100,000,000 general increase that's backed by the gas tax, vehicle related fees, and full faith and credit of the state," Gamble said, adding there is an additional $400,000,000 in gas-tax bonds designated for potential cost increases on Move Ahead Washington projects and a $500,000,000 increase to SR 520 bond authorization. Gamble also said the substitute repeals certain older bond authorizations.
Why it matters: The bond authorization would provide the state with borrowing capacity to fund a mix of statewide projects and to respond to cost escalation on existing Move Ahead Washington projects. The proposal directly affects capital planning and debt service funded in part by motor-fuel and vehicle-related revenues.
Committee action
With no amendments filed and no questions from committee members, the committee voted by voice to advance the substitute to the Rules Committee with a due-pass recommendation. The chair urged members to support the motion, noting the bill provides the financing mechanism for investments advanced in the budget cycle.
What’s next: Substitute SB 6,225 was advanced to the Rules Committee and will proceed through the Rules process and signature routing.