MADSEN, J.
¶ 1 The issue in this case is whether Initiative Measure No. 776 (I-776) impairs bonds issued by Sound Transit. Sound Transit was created to address traffic congestion in the central Puget Sound region. Pursuant to statute, Sound Transit was authorized to collect a motor vehicle excise tax (MVET) to finance a transportation system. In the years prior to passage of I-776, Sound Transit issued and sold the bonds in the public debt market in order to...
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