This bill introduces amendments to the Rhode Island General Laws concerning the Rhode Island Public Transit Authority (RIPTA), expanding its definitions and purposes. New terms such as "Supported transit project," "Transit center project," "Transit-oriented development," and a clarified definition of "Transit property" are added. The bill specifies that "Supported transit project" includes developments like the transit center project in Providence, which will feature various facilities and infrastructure. "Transit-oriented development" is defined as mixed-use development related to transit properties, potentially including retail, housing, and amenities. The bill also revises RIPTA's purposes to include facilitating transit-oriented development, in addition to its existing goals like providing public transit services and promoting energy conservation.

Furthermore, the bill authorizes RIPTA to issue bonds or temporary notes for its purposes, with the maturity of these obligations not exceeding 30 years, or 40 years for supported transit projects. RIPTA is given discretion over the details of these financial instruments. Before issuing any bonds or notes, RIPTA must provide a certificate detailing the supported transit project and anticipated finances to the governor. The bill also adds a new section, 39-18-25, which allows RIPTA to use various contracting methods, including design-build and public-private partnerships, for project delivery. These methods can be selected based on best value or low bid, and the act will take effect upon passage, applying to contracts entered into by RIPTA thereafter. The bill aims to provide RIPTA with more flexible financing and procurement options to support the development of transit projects.