A bill that would create a state infrastructure bank to issue debt to support infrastructure projects for state, local, and tribal governments will be heard this week. SB 5509, sponsored by Sen. Kuderer (D–Bellevue) is like proposals in previous years and would be created once sufficient state funding is provided to support operations and debt issuance.

The bank would be an option for local governments to invest funds and receive low interest loans to help finance infrastructure and economic development projects. It is intended to be voluntary and in addition to other local government infrastructure investment programs. Bonds issued by the infrastructure bank would be issued in the name of the bank and not the debt of the state or participating local governments.

AWC supports this proposal but reminds legislators that it does not replace the need to fully fund the Public Works Assistance Account or other state infrastructure funding programs.

Date to remember

SB 5509 is scheduled for a hearing in the Business, Financial Services, Gaming & Trade Committee on Tuesday, January 31 at 8 am.