Modernize Strategic Transportation Investments Transit Funding.

HB 735 amends North Carolina's transportation funding rules to clarify state support for rail projects. It sets a 10% cap on state funds for commuter and light rail projects - limiting spending to either 10% of a regional funding allocation or 10% of the project's estimated cost. The bill also creates a new eligibility category for public transit services spanning four or more counties and serving over three municipalities. Additionally, it specifies that the state will not cover costs exceeding these funding limits, requiring project agreements to include these restrictions. The changes apply directly to regional transit authorities and developers seeking state funding for rail infrastructure.