Legislators from Washington state set out Wednesday to collect $1.6 billion from tolls to assist in funding the construction of a replacement bridge across the Columbia River on Interstate 5.
The sale of $1.6 billion in general obligation bonds, a long-assumed source of funding for the new span between Washington and Oregon, is authorized by bills submitted in the state House and Senate.
Gas taxes, vehicle fees, and toll revenue would be used to repay the loan. The general fund might be used as a last resort for repayment because the bonds would be backed by the state’s complete faith and credit.
Sen. Marko Liias, D-Edmonds, who is the chair of the Senate Transportation Committee and the bill’s sponsor, stated that although it may seem like a major matter, it is on the list of things to do.
Senate Republicans. Co-sponsors include Curtis King of Yakima and Paul Harris of Vancouver.
The House Transportation Committee’s head, Rep. Jake Fey, D-Tacoma, stated that it is well known that tolls will be used to fund a portion of the project. He clarified that Washington must issue the bonds because it will be running the tolling scheme.
The cost of replacing the bridge is expected to be between $5 billion and $7.5 billion, with an average of about $6 billion, according to project planners. It is anticipated that permits will be granted by 2026. Construction is anticipated to begin and continue until 2032.
Oregon and Washington have each contributed roughly $1 billion, while the states have received a total of $2.1 billion in federal funding.
According to preliminary estimates, tolls that will be levied in both directions on the current bridge in the spring of 2026 would generate at least $1.2 billion.
The amount required from tolls to make ends meet will increase in tandem with the anticipated growth in project costs owing to inflation and other variables. Fey and Liias indicated that this is the reason for the higher bond figure.
In addition to providing a steady flow of income for bridge operations and maintenance, toll revenues will cover the cost of building the bridge.
Tolls may vary from $1.55 to $4.70 each trip while construction is underway. This summer, the transportation commissions in Oregon and Washington are slated to make final decisions about rate setting, exemptions, and discounts.
According to Washington law, tolls must only be used for the bridge repair project and cannot be used to fund any toll infrastructure in Oregon.
As of Wednesday afternoon, no hearings had been scheduled on the bills. It will take a 60% majority in each chamber to pass the bond law.
— Washington State Standard’s Jerry Cornfield
The largest state-focused nonprofit news agency in the country, States Newsroom, includes Washington State Standard.
