Washington looks to raise $1.6 billion from tolls for new I-5 bridge
Washington state lawmakers set out Wednesday to raise $1.6 billion from tolls to help pay for construction of a replacement bridge on Interstate 5 across the Columbia River.
Bills introduced in the state House and Senate authorize the sale of $1.6 billion in general obligation bonds, a long-assumed source of financing for the new span linking Washington and Oregon.
The borrowed money would be repaid with toll proceeds, gas taxes, and vehicle fees. Because the bonds would be backed by “the full faith and credit of the state,” the general fund could be tapped as a last-resort source of repayment.
“It seems like a big deal but it’s on the checklist of things to do,” said Sen. Marko Liias, D-Edmonds, chair of the Senate Transportation Committee and sponsor of the Senate bill.
https://washingtonstatestandard.com/briefs/washington-looks-to-raise-1-6-billion-from-tolls-for-new-i-5-bridge/