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WashingtonSB 51942025-2026 Regular SessionSenateWALLET

Concerning state general obligation bonds and related accounts.

Sponsored By: Yasmin Trudeau (Democratic)

Became Law

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

State issues $4.7 billion for projects

The law lets the State Finance Committee sell up to $4.69 billion in state general obligation bonds. Bond money goes into two accounts: about $4.123 billion in the state building construction account and about $563.6 million in the taxable building construction account. The treasurer can issue taxable bonds or shift money to meet IRS rules and lower costs, with written notice to the Office of Financial Management. Money can be spent only after the legislature appropriates it, and bonds are not sold until the legislature first approves use of the net proceeds. The treasurer moves funds to outdoor recreation, habitat conservation, farm and forest, and early learning facility accounts as needed to pay approved projects, including a revolving early learning account for taxable funds.

Repayment rules for state bonds

The debt-limit general fund bond retirement account pays the principal and interest on these bonds. By June 30 each year, the State Finance Committee certifies the next 12 months of payments. On each due date, the treasurer moves that amount from general state revenues into the bond retirement account. These bonds are backed by the full faith and credit of the state, with an unconditional promise to pay. Bondholders or their trustee can go to court to require payment. The legislature may also create other ways to raise money to make these payments.

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Sponsors & Cosponsors

Sponsor

  • Yasmin Trudeau

    Democratic • Senate

Cosponsors

  • Mark Schoesler

    Republican • Senate

  • Mike Chapman

    Democratic • Senate

  • Perry Dozier

    Republican • Senate

  • T'wina Nobles

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 192 • No: 0

House vote • 4/27/2025

Final Passage as Amended by the House

Yes: 98 • No: 0

Senate vote • 4/27/2025

Final Passage as Amended by the House

Yes: 47 • No: 0 • Other: 1

Senate vote • 4/5/2025

3rd Reading & Final Passage

Yes: 47 • No: 0 • Other: 2

Actions Timeline

  1. Effective date 5/20/2025.

    5/20/2025Senate

  2. Chapter 415, 2025 Laws.

    5/20/2025Senate

  3. Governor signed.

    5/20/2025legislature

  4. Delivered to Governor.

    4/28/2025legislature

  5. Speaker signed.

    4/27/2025legislature

  6. Rules suspended. Placed on Third Reading.

    4/27/2025Senate

  7. Floor amendment(s) adopted.

    4/27/2025Senate

  8. Passed final passage; yeas, 47; nays, 0; absent, 0; excused, 1.

    4/27/2025Senate

  9. Senate concurred in House amendments.

    4/27/2025House

  10. Third reading, passed; yeas, 98; nays, 0; absent, 0; excused, 0.

    4/27/2025Senate

  11. President signed.

    4/27/2025legislature

  12. Read first time, rules suspended, and placed on second reading calendar.

    4/8/2025Senate

  13. Third reading, passed; yeas, 47; nays, 0; absent, 0; excused, 2.

    4/5/2025Senate

  14. Rules suspended. Placed on Third Reading.

    4/5/2025Senate

  15. 1st substitute bill substituted.

    4/5/2025Senate

  16. Placed on second reading by Rules Committee.

    4/4/2025Senate

  17. Passed to Rules Committee for second reading.

    4/4/2025Senate

  18. WM - Majority; 1st substitute bill be substituted, do pass.

    4/3/2025Senate

  19. First reading, referred to Ways & Means.

    1/13/2025Senate

  20. Prefiled for introduction.

    1/9/2025Senate

Bill Text

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