Washington lawmakers have advanced legislation to boost funding for a new Interstate 5 bridge over the Columbia River, increasing the amount of toll-backed borrowing to help cover rising construction costs.
The House Transportation Committee approved an amended version of House Bill 1958, authorizing the sale of $2.5 billion in general obligation bonds, over $900 million more than originally proposed. The measure now heads to the Rules Committee for a possible floor vote.
Backers say the increased bonding authority is necessary to ensure the long-delayed project stays on schedule. Others speculate that inflationary costs might also be driving the decisions.
“We think we have enough, but we want to make sure,” said Rep. Jake Fey, the bill’s sponsor, in a statement.
Construction permits are expected by 2026, with work continuing through 2032.
The replacement bridge is estimated to cost between $5 billion and $7.5 billion, with a midpoint estimate of $6 billion. Washington and Oregon have each pledged about $1 billion and secured $2.1 billion in federal grants.
Because Washington will administer the tolling program, it must issue the bonds. The debt will be repaid through tolls, gas taxes and vehicle fees, though the state’s general fund could be used as a backup.
Tolls are projected to generate at least $1.2 billion and could begin on the current bridge in both directions as early as spring 2026.
Source: Washingtonstatestandard.com., OPB.org
