This bill creates new law by adding sections 101–105 to chapter 43.100A RCW that authorize the State Finance Committee to issue up to $4,869,147,000 in state general obligation bonds to finance projects described and authorized by the legislature in omnibus capital and operating appropriations acts for the 2023-2025 and 2025-2027 biennia and future biennia. Proceeds are to be deposited in the state building construction account, with $4,314,527,000 designated to remain in that account and $554,620,000 to the state taxable building construction account, and bonds may not be offered for sale without prior legislative appropriation of the net proceeds. The act makes procedural and administrative changes for issuing and using the bond proceeds: the state treasurer, on behalf of the State Finance Committee, may issue more or fewer taxable bonds than the specified taxable amount for IRS compliance or to reduce financing costs, with corresponding transfers between taxable and nontaxable accounts and a written notice requirement to the Office of Financial Management director. It directs timed transfers from the building construction accounts into the outdoor recreation, habitat conservation, farm and forest, and the Ruth LeCocq Kagi early learning facilities development and revolving accounts as necessary to support authorized expenditures, and assigns administration of proceeds to the Office of Financial Management subject to legislative appropriation. The bill prescribes payment, certification, and enforcement procedures: repayment of principal and interest must use the debt-limit general fund bond retirement account; the State Finance Committee must certify to the state treasurer by June 30 each year the amount needed for the ensuing 12 months, and the treasurer must withdraw that certified amount from general state revenues on each bond payment date and deposit it into the retirement account. Bonds must be labeled general obligations of the state, pledge the state's full faith and credit, and contain an unconditional promise to pay; bond owners or trustees may enforce payment by mandamus or other proceedings. The act includes a severability clause and takes effect immediately. Project-specific authorizations, detailed account statutes, and the IRS rules or criteria that would guide taxable versus nontaxable issuance are not included in the provided text.

If enacted, the state would be authorized to borrow up to $4,869,147,000 by selling general obligation bonds and would deposit most of the proceeds into the state building construction account ($4,314,527,000) and $554,620,000 into a state taxable building construction account. Those proceeds would be available to fund projects the legislature has already authorized in the omnibus capital and operating appropriations acts for 2023–2025, 2025–2027, and future biennia, and can be moved as needed into the outdoor recreation, habitat conservation, farm and forest, and specified early learning accounts. The state treasurer may alter how much is issued as taxable versus tax-exempt debt to comply with IRS rules or lower costs, OFM will administer the money under legislative appropriation, and the legislature must appropriate net proceeds before any bonds are sold. The most affected parties are the State Finance Committee and State Treasurer (new borrowing and issuance duties and annual certification of debt payments), the Office of Financial Management (administration and receiving notice of certain transfers), the Legislature (must appropriate proceeds), the named programs and accounts that will receive funds, and ultimately state taxpayers because general revenues will be used to make annual principal and interest payments. Likely effects are a big near-term increase in capital funding for the listed accounts and projects, increased annual obligations on the general fund to cover debt service, and some flexibility but also uncertainty in financing costs depending on IRS-driven taxable versus nontaxable choices. The bill does not list the specific projects to be funded here, and it does not include the detailed IRS criteria or full account definitions, so those implementation details remain unclear.