Sen. Steve Hobbs (D–Lake Stevens) introduced SB 5864 that redesignates the Public Works Trust Fund as the Washington State Infrastructure Bank. There is also a corresponding constitutional amendment, SJR 8209, that would protect all future loan repayments and utility taxes, REET taxes, and solid waste taxes that are intended for the fund so that they only could be used for local infrastructure funding.

The intent of this legislation is to rename and protect the fund from future legislative sweeps so that it may only be used for funding local infrastructure projects. The constitutional amendment would need to be approved by two-thirds of the Legislature and then approved by the voters at the November general election.

AWC supports efforts to restore and protect the Public Works Trust Fund and local infrastructure funding. It is unclear how likely this bill and constitutional amendment are to pass the Legislature; however, it does provide the opportunity to talk about the importance of this program.

Dates to remember

Both measures will be heard at the Senate Financial Institutions, Economic Development and Trade Committee on February 12 at 8 am.