The bill establishes an emergency law aimed at financing long-term improvements to the commonwealth's transportation system, specifically targeting municipal roads and bridges. It allocates a total of $1.385 billion for various transportation projects, 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 to alleviate congestion and improve safety. The funds will be made available in addition to any previously appropriated amounts and will be disbursed according to established procedures by the Massachusetts Department of Transportation.

To finance 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 deemed necessary by the governor. The bill also outlines the conditions under which municipalities can access these funds, including compliance with departmental procedures and the requirement for municipalities to certify that expenses have been incurred on eligible projects. Overall, the bill aims to enhance the infrastructure and safety of the transportation system in the commonwealth.