Modifying the maximum terms of regional transit authority bond issues.

SB 6148 sets a 75-year maximum term for bonds issued by Washington state regional transit authorities, applying to both general obligation and revenue bonds. It also states that authorities issuing bonds with terms exceeding 40 years will become ineligible for the regional mobility grant program. This directly affects transit authorities planning long-term projects, such as light rail or bus system expansions, that rely on bond financing. The bill modifies existing law without changing current debt limits (e.g., 1.5% or 5% of taxable property value), focusing solely on bond term restrictions and grant eligibility.