House Bill 1958 proposes $1.6 billion bonds for Interstate 5 bridge replacement

House Bill 1958 is making waves in Washington as it proposes the issuance of up to $1.6 billion in bonds for the much-anticipated Interstate 5 bridge replacement project. This significant funding aims to cover the design, right-of-way acquisition, and construction costs associated with the new bridge.

During a recent House Transportation meeting, discussions highlighted a proposed substitute by Representative 5H-2096. This alternative plan would increase the bond issuance to $2.5 billion and establish a new framework for the issuance and repayment of these bonds, rather than modifying the existing structure.

Representative Lee raised a critical question regarding the project's financial outlook, noting that the original finance plan included $1.25 billion in tolling bonds. The new proposal effectively doubles that amount. However, estimates for the total project cost remain uncertain, with previous figures ranging between $6 billion and $7.5 billion. Updated estimates are expected to be released this summer.

In addition to the bridge project, the meeting also addressed Senate Bill 5484, which directs the Department of Licensing to create a compensation program for registered tow truck operators. This program would reimburse operators for costs incurred while towing vehicles belonging to indigent individuals, whether the tow occurs on private property or at the request of law enforcement without an arrest.

As these discussions unfold, the future of the Interstate 5 bridge replacement project and the support for tow truck operators are set to shape transportation funding and policy in Washington.