The bill amends Chapter 39-18 of the General Laws related to the Rhode Island Public Transit Authority (RIPTA), introducing new definitions such as the "Dorrance Street Transit Center Project" and expanding the authority's purpose to include facilitating transit-oriented development. It authorizes RIPTA to issue bonds and temporary notes, with bond maturities extendable up to 40 years, and allows temporary notes to be renewed in anticipation of federal, state, or local grants or aid. The bill extends the authority's powers and duties to apply to transit-oriented development and makes technical changes, including renumbering existing definitions to accommodate the new insertions.

The bill also sets forth provisions for the issuance of bonds and other obligations, requiring a detailed certificate from the authority's general manager or chief financial officer to be provided to the governor before issuance. This certificate must confirm that the principal and interest payments will not exceed 80% of the authority's revenues in any fiscal year, with governor approval required if payments are expected to exceed 50% of revenues. Additionally, the bill adds new sections defining terms related to public-private partnerships (P3) and design-build contracting, authorizing RIPTA to engage in P3s and use design-build methods for project delivery. It outlines the process for proposal evaluation and selection, prequalification of private entities, and contract awarding, with provisions for confidentiality and potential stipends for unsuccessful proposers. The act will take effect upon passage and apply to contracts entered into by the authority thereafter.