The bill proposes amendments to the Rhode Island General Laws concerning the Rhode Island Public Transit Authority (RIPTA), introducing new definitions and expanding the authority's purposes. It defines "Supported transit project" as a transit-related development eligible for assistance, including the "transit center project" in Providence, and "Transit-oriented development" as mixed-use development supporting transit properties, potentially eligible for federal assistance. The bill revises RIPTA's objectives to include facilitating transit-oriented development and authorizes RIPTA to issue bonds or temporary notes for its purposes, with the possibility of renewal in anticipation of federal, state, or local grants or aid. Bonds may have a maturity of up to thirty years, while temporary notes must mature within thirteen months or six months after the expected receipt of grants or aid, whichever is later. For supported transit projects, the maturity of bonds or temporary notes can extend to forty years.

Furthermore, the bill allows RIPTA to issue temporary notes or other short-term obligations for supported transit projects without being subject to the limitations of subsection (d), extending their maturity to align with the time frame of federal or state grant or loan proceeds. It also introduces a new section, 39-18-25, authorizing RIPTA to use design-build contracting, progressive design-build contracting, and public-private partnerships (P3) for project delivery, with definitions for relevant terms provided. RIPTA can evaluate and select proposals based on best value or low bid. The act will take effect upon passage and will apply to contracts entered into by RIPTA after this date, aiming to provide RIPTA with more flexible financing and procurement options to facilitate the development of transit projects.