The bill authorizes the state, at the request of the Department of Transportation, to issue and sell up to $2.5 billion of bonds to finance the Interstate 5 bridge replacement project. It creates new sections added to chapter 47.10 RCW and amends RCW 47.10.907. Bond proceeds must be deposited in the Interstate 5 bridge replacement project account (RCW 47.56.904) and may be used only for project design, right-of-way, construction, payment of interim financing, capitalized interest, a debt service reserve, and bond issuance costs. The bonds are described as general obligation bonds that pledge the state's full faith and credit and promise unconditional payment, with principal and interest payable first from toll revenue and, if toll revenue is insufficient, from specified excise taxes on motor vehicle fuel and vehicle-related fees; the state finance committee supervises issuance under chapter 39.42 RCW and bonds may not be offered for sale without prior legislative appropriation of net proceeds. The act also allows the state finance committee, in consultation with the department and tolling authority, to issue the authorized bonds instead as toll revenue bonds payable solely from toll revenue; it pledges toll revenue and the specified excise taxes to bond payment, creates a toll facility bond retirement account and possible subaccounts, and requires the treasurer to apply toll receipts first and excise tax revenues only if tolls are insufficient. RCW 47.10.907 is amended to define "toll revenue" for purposes of bond pledges and to state that, for a particular bond issue, only the portion of toll revenue actually pledged in the bond resolution is included. The bill adds a procedural enforcement mechanism allowing a court, by mandamus or other appropriate proceeding, to compel the tolling authority and the department to perform duties related to eligible toll facilities, toll revenue, and bond proceeds. No new crimes or penal changes are created; the changes are financial and procedural in nature. Some details are incomplete in the extracted text: the chunked material ends mid-sentence in at least one place, the specific amendment language to RCW 47.10.907 and the referenced chapter number for this act in the session laws are not fully shown, and the contents of the cited RCW provisions (for example RCW 47.56.904 and the chapters referenced for alternative security and excise tax rules) are not reproduced here. Those missing portions may affect precise owner responsibilities, cross-references, and other implementation details.

If enacted, the state would be able to raise up to $2.5 billion to pay for design, land acquisition, construction, and related financing costs for the Interstate 5 bridge replacement, using tolls first and state excise fuel and vehicle license fees as backup to pay bond debt. That means the Washington State Department of Transportation and the tolling authority will have the funding pathway to proceed but will also be responsible for operating and managing tolls and bond proceeds under financial covenants the State Finance Committee may set; the state treasurer will divert toll receipts first and then a portion of motor vehicle excise taxes to a bond retirement account, potentially reducing near-term availability of those revenues for other state or local uses until they are repaid. The groups most affected are WSDOT, the tolling authority, the State Finance Committee, the state treasurer, motorists who pay tolls, and local governments that receive portions of fuel and vehicle fee revenue; local distributions could be temporarily tapped for bond payments (with required repayment rules) and the state may take on a general obligation credit exposure unless the committee issues bonds solely as toll revenue bonds. Key implementation details are missing from the provided text—including some referenced statutes and a truncated provision—so the precise conditions under which excise tax revenues or local allocations would be diverted or repaid, and whether bonds will be issued as state-backed or toll-only, remain uncertain.