Rep. John Ley says bill would let Oregon off the hook for $1.6 billion in borrowed funds to be paid back by tolling revenues
Ken Vance, editor
Clark County Today
The Washington State House Transportation Committee will hold a hearing Monday (Feb. 24) at 1:30 p.m. on House Bill 1958. The bill, co-sponsored by Rep. Sharon Wylie (Democrat, 49th District), concerns the interstate bridge replacement toll bond authority.
According to opponents of the bill, HB 1958 would put 100 percent of the $1.6 billion in borrowed funds, to be backed by tolling revenues, on Washington residents.
“There is no mention of Oregon in the bill’s language,’’ said Rep. John Ley (Republican, 18th District), a member of the House Transportation Committee.
Ley pointed out that the I-5 Bridge replacement project is theoretically a two-state project, where each state shares in the financial obligations. However, HB 1958 appears to let Oregon “completely off the hook,’’ Ley said.
“Furthermore, ‘if’ there is not enough IBR tolling revenue, then this bill allows WSDOT to use revenues from other tolled facilities to pay back the obligation,’’ Ley said. “And if that’s not enough, then they could use gas tax revenues. And if that’s not enough, they could use taxpayer money from the General Fund. It’s a horrible bill on many levels.’’
Ley urges concerned Clark County citizens to give their input on HB 1958 that would allow Washington state to borrow $1.6 Billion, to be paid back by tolls. This CCT story explains rising toll rates in Washington state, the very high cost of collecting tolls, and high interest payments paid to financiers on huge loans like this.
Residents can register a position on the bill at this link
See the bill webpage at this link
Ley encourages well-informed citizens to sign up and testify either in person or remotely.
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Toll rates keep rising elsewhere in WA state, which coiuld impact the toll rates on I-5, as explained by John Ley.
“the Washington state legislation, which authorized tolling on the Interstate Bridge replacement project, indicated the maximum tolls cannot exceed the maximum tolls collected in the state. That means the $4.70 maximum I-5 Bridge tolls presently under consideration could jump to at least $15 and perhaps $18 each way in the future…
One major reason tolls charge so much is the cost of collection is extremely high. In Washington state, collection costs have run from 19 percent of funds collected to as high as 68 percent…The high cost of collecting tolls leaves little money to actually pay for the proposed construction.”
WSTC’s Deputy Director Carl See said the agency is trying to thread the needle on price and capacity for I-405/SR-167 tolls.“We are weighing the trade-offs there between the $15 and $18, the higher you go, the more difficult it is for people to afford to use those lanes, and the kind of choices people have to make.”.
“Paying off a transportation credit card with tolling is expensive. Washington state’s experience with the Tacoma Narrows Bridge is on track to spend nearly three times the amount originally borrowed.
After 16 years of paying tolls, the WSTC reports about $586 million remains to be paid off. This is just $98 million less than the original loan…
From a financial perspective, after paying tolls for roughly 17 years, the “credit card” balance has been reduced by only about $100 million on the Narrows Bridge. Collection costs and interest on the loan have consumed far too much of the money drivers are paying at the toll booth.”
Zero Oregon Income Tax withheld for WA. residents who must commute to their Oregon employment jobs across these bridges period. This must change as OR State withholds so much income tax $ that is never refunded to the out of state resident. I cannot believe Oregon wants very highly expensive toll charges added on top of this income tax that is skimmed off of WA state residents. True Highway Robbery!