The bill modifies the maximum terms for bond issues by regional transit authorities in Washington State. Specifically, it amends RCW 81.112.130 to allow general obligation bonds to have a maximum term of 75 years, while also stipulating that if any bonds are issued with a term greater than 40 years, the authority will not be eligible for regional mobility grant program funds. This change aims to provide greater flexibility for transit authorities in financing their projects while ensuring accountability regarding grant eligibility.

Additionally, the bill amends RCW 81.112.140 to establish the same maximum term of 75 years for revenue bonds issued by transit authorities. Similar to the provisions for general obligation bonds, if revenue bonds are issued with a term exceeding 40 years, the authority will also lose eligibility for regional mobility grant program funds. These amendments are intended to streamline the financing process for transit authorities while maintaining a framework for responsible fiscal management.

Statutes affected:
Original bill: 81.112.130, 39.36.015