The House Transportation Committee, heard public testimony, on two bills concerning the Tacoma Narrows Bridge. First, House Bill 2127 addresses the Narrows Bridge debt. Second, was Substitute Senate Bill 5488, which would concern state contributions in support of the Tacoma Narrows bridge.
SSB 5488 passed the Senate 28-21 and must pass the House to make its way to the Governor’s office for an opportunity to become law.
Watch the testimony then continue reading to learn more about SSB 5488.
SSB 5488 – 2021-22 Concerning the financing of the Tacoma Narrow Bridge
Concerning: Completing outstanding financial obligations regarding the Tacoma Narrows toll bridge. Substitute Senate Bill (pdf)
Sponsors: Randall, Rolfes, Billig, Dhingra, Nobles, Van De Wege, Wilson, C.
Companion Bill: HB 1602
Effective Date: The bill takes effect 90 days after adjournment of the session in which the bill is passed.
The bill analysis and bill report are prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not part of the legislation nor does it constitute a statement of legislative intent.
Summary of Bill:
Beginning in September 2022 and ending in June 2032, by the last day of September, December,
March, and June of each year, the State Treasurer is directed to transfer from the State General
Fund to the Tacoma Narrows Toll Bridge Account the sum of $3.25 million. The total amount
that may be transferred is $130 million.
Brief Summary of Bill
Senate Bill Report Brief Summary
- Requires the state treasurer to make quarterly transfers of $3,250,000 from the general fund to the Tacoma Narrows Toll Bridge Account beginning in September 2022 and ending July 1, 2032, for a total of $130,000,000.
- Modifies the legislative intent of the state loans to the Tacoma Narrows Bridge initiated in 2018 to convey that the legislature intends that the Transportation Commission will adjust tolls with the intended goal of maintaining two-axle toll rates at no more than 75 cents lower than the toll rates in effect as of October 1, 2021.
House Bill Report Brief Summary
- Requires the State Treasurer to make quarterly transfers of $3.25 million from the State General Fund to the Tacoma Narrows Toll Bridge Account beginning in September 2022 and ending in June 2032, for a total of $130 million.
- Modifies the legislative intent of the state contribution loans to the Tacoma Narrows Toll Bridge Account initiated in 2018 to convey that the Legislature intends that the Washington State Transportation Commission will adjust tolls with the intended goal of maintaining twoaxle toll rates at no more than 75 cents lower than the toll rates in effect as of October 1, 2021.
House Bill Report Brief Summary
- Converts the corrective funding loans to offset future debt service payment increases to maintain toll rates at fiscal year 2018 levels for the Tacoma Narrows Bridge Toll project into permanent state grants.
- Transfers up to $85 million to the from the General Fund Account to the Tacoma Narrows Toll Bridge Account through the life of the debt service plan with no expectation of repayment.
- Eliminates the annual reporting requirement on the status of the revenues to be used for loan repayments.
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Unless otherwise noted, the above information was obtained from the official Washington State Legislative website. Future meetings are subject to change. Auburn representatives in bold.