The bill amends Chapter 39-18 of the General Laws to expand the Rhode Island Public Transit Authority's (RIPTA) definitions and purposes, including the addition of "supported transit project" and "transit center project" to its lexicon. It also defines "transit-oriented development" as mixed-use development that supports transit properties with various potential uses. The bill authorizes RIPTA to issue bonds or temporary notes with a maturity of up to 30 years, and specifically for supported transit projects, up to 40 years. It also adds facilitating transit-oriented development to RIPTA's purposes, allowing the authority to support the development of transit properties.

Furthermore, the bill allows RIPTA to issue temporary notes for supported transit projects without being subject to certain limitations, provided a certificate detailing the project and anticipated finances is submitted to the governor. A new section, 39-18-25, is introduced, authorizing RIPTA to use design-build contracting, progressive design-build contracting, and public-private partnerships (P3) for project delivery, with definitions for these terms provided. RIPTA can evaluate and select proposals based on best value or low bid. The act will take effect upon passage and apply to contracts entered into by RIPTA after this date, aiming to provide RIPTA with more flexible financing and procurement options for transit project development.