(The Center Square) – The House and Senate Transportation Committees have voted to advance companion bills authorizing the issuance of bonds of up to $2.5 billion to be paid for with tolling revenue on the Interstate 5 Bridge spanning the Columbia River between Vancouver, Wash. and Portland, Ore., to help fund its replacement.
Prior to the vote on House Bill 1958 , committee members voted to make revisions that ramp up the total allowable bonds that could be issued, while also creating a mechanism for issuing and repaying them; originally, HB 1958 would have allowed up to $1.6 billion in bonds issued for the bridge, but the substitute bill now allows up to $2.5 billion, which is the same figure found in its companion bill, Senate Bill 5734 .
Speaking prior to Monday’s vote, sponsor Rep. Jake Fey, D-Seattle, told colleagues that the bridge replacement is a “very difficult project … but it’s really the lifeline for I-5 and our relationship with Oregon.”…