Official Text and Analysis.

(1) Removes sections that would repeal toll bond authorizations for the I-405 and SR 167 Express Toll Lanes and Puget Sound Gateway Facility projects, and removes a policy guideline for toll facilities not to use toll debt financing unless the revenue is generated from a bridge. (2) Prohibits tolling revenue bonds being sold for either facility until January 1, 2023. (a) For the I-405 and SR 167 Express Toll Lanes, also prohibits bonds being sold until quarterly toll revenues have returned to $8.5 million or the Treasurer determines toll revenues can meet financial obligations. (b) For the Puget Sound Gateway Facility, also prohibits bonds being sold until the Treasurer determines toll revenues will be able to meet financial obligations.