This section modifies existing section 47.46.190. Here is the modified chapter for context.
The legislature finds funding of the Tacoma Narrows bridge facility to be distinct from other Washington state tolling facilities due to its increasing debt service costs, which is the primary driver of the facility's escalating costs. Washington state has since recommended and established financing structures with steadier levels of debt service payments for subsequent tolled transportation facilities, supporting better management of the state's debt burden and a lower financial burden for toll ratepayers.
The Tacoma Narrows bridge facility debt service structure resulted, in part, from a decision by the legislature to fund construction of the bridge without drawing from state tax dollars. As a result, toll revenue was committed to fund 99 percent of bridge construction costs, as well as the associated interest payments and other associated debt service costs. This is not the standard more recently utilized by the legislature, as is the case of the state route 520 bridge's constructionproject and the construction of the portion of state route number 99 that is a deep bore tunnel, wherein 72 percent and six percent of which , respectively, are to be paid for with toll revenues. In light of the maximum burden for bridge construction that was placed on Tacoma Narrows bridge toll ratepayers, there is no equitable reason that the burden of future debt service payment increases should be borne by these same toll ratepayers.
The legislature established the Tacoma Narrows bridge work group in 2017 and tasked it with identifying opportunities for long-term toll payer relief from increasing toll rates on the Tacoma Narrows bridge. In 2018, the legislature enacted the first phase of corrective funding measures and, with an eye on future revenue, established a financial structure base from which to enact future equitable solutions. The legislature now finds that current revenues are in place to enact phase two of the corrective funding measures and intends to convert the 2018 monetary allocations into permanent state grants to bring further stability to the Tacoma Narrows bridge toll rate setting and to offset the tolling revenue impacts of the COVID-19 pandemic.
It is the intent of the legislature that state appropriations or transfers for each fiscal biennium**, without an expectation of repayment from tollpayers,** are to be made from other accounts to the Tacoma Narrows toll bridge account created in RCW 47.56.165 through the life of the debt service plan of up to a total of $85,000,000. It is the intent of the legislature that the commission will:
Maintain tolls at no more than toll rates effective at the fiscal year 2018 level until fiscal year 2022; and
Maintain tolls at no more than 25 cents higher than the toll rates effective at the fiscal year 2018 level beginning in fiscal year 2022 until such time as the debt service and deferred sales tax obligation is fully met according to the repayment schedule in place as of June 7, 2018.
To offset part of the toll rate increases that would otherwise be necessary to meet increases in future debt service payments, it is the intent of the legislature that sufficient amounts of funds be appropriated or transferred from other accounts to the Tacoma Narrows toll bridge account created in RCW 47.56.165 on the first day of each fiscal biennium, beginning in the 2019-2021 fiscal biennium, through the life of the debt service plan. It is the intent of the legislature that the amounts are adequately sufficient to ensure debt service payments are made in full after toll revenue from the Tacoma Narrows bridge toll facility is applied to the debt payment amounts and other required costs.
This section does not create a private right of action.
This section modifies existing section 47.46.200. Here is the modified chapter for context.
2.
This section does not create a private right of action.
This section modifies existing section 47.46.110. Here is the modified chapter for context.
The commission shall retain toll charges on any existing and future facilities constructed under this chapter and financed primarily by bonds issued by the state until:
All costs of investigation, financing, acquisition of property, and construction advanced from the motor vehicle fund have been fully repaid, except as provided in subsection (2)(b) of this section;
Obligations incurred in constructing that facility have been fully paid; and
The motor vehicle fund is fully repaid under RCW 47.46.140
.
This section does not:
Prohibit the use of toll revenues to fund maintenance, operations, or management of facilities constructed under this chapter except as prohibited by RCW 47.56.245;
Require repayment of funds specifically appropriated as a nonreimbursable state financial contribution to a project.
Notwithstanding the provisions of subsection (2)(a) of this section, upon satisfaction of the conditions enumerated in subsection (1) of this section:
The facility must be operated as a toll-free facility; and
The operation, maintenance, upkeep, and repair of the facility must be paid from funds appropriated for the use of the department for the construction and maintenance of the primary state highways of the state of Washington.