The bill aims to finance long-term improvements to municipal roads and bridges in Massachusetts, declaring it an emergency law for the immediate preservation of public convenience. It allocates a total of $1.585 billion across various sections for transportation development and improvements, including $300 million for the construction and reconstruction of municipal ways, $500 million for bridge and pavement lifecycle asset management, $200 million for culvert and small bridge modernization, and $185 million for transportation capital projects aimed at easing congestion and improving safety. The funds will be made available in addition to any previously appropriated amounts and will be subject to the laws regulating public fund disbursement.

To support these expenditures, the state treasurer is authorized to issue and sell bonds not exceeding $1.185 billion in total, with specific amounts designated for each section of the bill. These bonds will be general obligations of the commonwealth, with provisions for special obligation bonds if requested by the governor, taking into account various financial factors. The bill emphasizes the importance of compliance with established procedures by municipalities and encourages the development of long-term capital plans for the effective use of the allocated funding.