More than 131,000 drivers crossed the Interstate Bridge between Portland and Vancouver each day in 2021 compared to 33,000 in 1961. (Grant Stringer/States Newsroom)
Washington state lawmakers set out Wednesday to raise $1.6 billion from tolls to help pay for construction of a replacement bridge on Interstate 5 across the Columbia River.
Bills introduced in the state House and Senate authorize the sale of $1.6 billion in general obligation bonds, a long-assumed source of financing for the new span linking Washington and Oregon.
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.
“It seems like a big deal but it’s on the checklist of things to do,” said Sen. Marko Liias, D-Edmonds, chair of the Senate Transportation Committee and sponsor of the Senate bill.
Republican Sens. Paul Harris of Vancouver and Curtis King of Yakima are among the co-sponsors.
Rep. Jake Fey, D-Tacoma, chair of the House Transportation Committee, said it’s no secret the project would be partially paid for by tolls. Since Washington will be administering the tolling program, it is the one that needs to issue the bonds, he explained.
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.
With project costs expected to climb due to inflation and other factors, the amount needed from tolls to make ends meet will rise too. That is why the bond figure is higher, Fey and Liias explained.
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.
Washington law specifies that tolls only go toward the bridge replacement project and not subsidize any Oregon toll facilities.
Hearings on the bills had not been set as of Wednesday afternoon. Passage of the bond bill will require a 60% majority in each chamber.