This bill amends existing law (RCW 81.112.130 and RCW 81.112.140) to set the maximum term of any general obligation bond issue and any revenue bond issue at 75 years. It also adds an eligibility condition for the regional mobility grant program: if an authority issues any general obligation bonds or revenue bonds with a maximum term greater than 40 years, that authority is not eligible for regional mobility grant program funds. The text preserves and reiterates existing statutory provisions about bonding: an authority may issue general obligation bonds up to, together with any existing indebtedness not authorized by the voters, 1.5% of the value of taxable property without voter assent, and with the assent of three-fifths of voters at a called election total indebtedness may not exceed 5% of that value. Revenue bonds may be issued without voter submission, must be payable solely from special fund(s) and pledged revenues, do not constitute general indebtedness of the authority, and give owners a lien and charge against the pledged revenues; the high capacity transportation system’s gross revenue may be pledged and issuance and sale must comply with chapter 39.46 RCW. The extract does not define the term "authority" or reproduce the definition of "value of the taxable property" (it refers to RCW 39.36.015), and it does not include any effective date, applicability provisions, or the full text of the referenced chapters needed for complete implementation details.

If enacted, the bill lets an authority issue general obligation or revenue bonds with a maximum term up to 75 years but creates a clear tradeoff: any bond issue with a maximum term longer than 40 years makes that authority ineligible for regional mobility grant program funds. Authorities that rely on those grants will likely avoid issuing bonds with terms over 40 years to preserve grant eligibility, while those willing to forgo grants could use longer terms; general obligation debt limits remain 1.5% of taxable property without voter approval and up to 5% with three-fifths voter approval, and revenue bonds must be paid from special pledged funds and do not count as general indebtedness, with bondowners holding liens on the pledged revenues (including gross revenue from high capacity transportation systems). The most affected parties are the authorities that issue these bonds (often transit or high-capacity transportation entities), the regional mobility grant program (whose award pool effectively pressures bond term choices), and holders of revenue bonds who retain liens on pledged revenues. The text leaves key details unclear for implementation—most notably the exact statutory definition of “authority,” how “value of the taxable property” is calculated, and any effective date—so full practical effects depend on those referenced provisions.