47.01.417 - State route No. 520 improvements -- Finance plan -- Revenue sources and savings recognition.

State route No. 520 improvements — Finance plan — Revenue sources and savings recognition.

The state route number 520 bridge replacement and HOV project finance plan must include:

     (1) Recognition of revenue sources that include: One billion seven hundred million dollars in state and federal funds allocated to the project; one billion five hundred million dollars to two billion dollars in tolling revenue, including early tolls that could begin in late 2009; eighty-five million dollars in federal urban partnership grant funds; and other contributions from private and other government sources; and

     (2) Recognition of savings to be realized from:

     (a) Potential early construction of traffic improvements from the eastern Lake Washington shoreline to 108th Avenue Northeast in Bellevue;

     (b) Early construction of a single string of pontoons to support two lanes that are for transit and high occupancy vehicle travel and four general purpose lanes;

     (c) Preconstruction tolling to reduce total financing costs; and

     (d) A deferral of the sales taxes paid on construction costs.

[2008 c 270 § 3.]

Notes: Reviser's note: This section was directed to be codified in chapter 47.56 RCW. Placement in chapter 47.01 RCW is more appropriate.

Finding -- 2008 c 270: See note following RCW 47.01.408.