On Wednesday, Washington State lawmakers introduced bills to raise $1.6 billion from tolls to help pay for the construction of a replacement bridge on Interstate 5.
The bills introduced in the state House and Senate authorize the sale of $1.6 billion in general obligation bonds.
The borrowed money would be repaid with toll proceeds, gas taxes and vehicle fees. Because the bonds would be backed by the full faith and credit of the state, the general fund could be tapped as a last-resort source of repayment.
Project planners have estimated the price tag for replacing the bridge will range from $5 billion to $7.5 billion, with a likely figure of around $6 billion. Permits are expected to be issued by 2026. Once rolling, construction is expected to last until 2032.
Washington and Oregon have committed about $1 billion each and the states have snagged federal grants totaling $2.1 billion.
Tolls – which will be imposed in both directions on the existing bridge in spring of 2026 – were counted on to raise at least $1.2 billion in early calculations.
Toll collections will pay for bridge construction and provide an ongoing stream of revenue for bridge maintenance and operations.
During construction, tolls may range from $1.55 to $4.70 each way. Final decisions around rate setting, exemptions, and discounts are expected from the transportation commissions in Oregon and Washington this summer.
Source: KNKX, Oregon Live
