The bill amends Chapter 39-18 of the Rhode Island General Laws, which governs the Rhode Island Public Transit Authority (RIPTA), by introducing new definitions such as "supported transit project," "transit center project," and "transit-oriented development." These definitions are meant to clarify the types of projects eligible for state or federal aid and to describe the proposed development in Providence. The bill also revises the purposes of RIPTA to include the facilitation of transit-oriented development and authorizes RIPTA to issue bonds or temporary notes with a maturity of up to forty years for supported transit projects. The authority is empowered to determine the specifics of these bonds and notes, including interest rates and terms of sale.

Furthermore, the bill allows RIPTA to issue temporary notes beyond the limitations of subsection (d) and extends the powers under §§ 39-18-4 and 39-18-6 to apply to transit-oriented development. A certificate detailing the supported transit project and financial projections must be provided to the governor before any bonds or notes are issued. A new section, 39-18-25, is added to authorize RIPTA to use design-build contracting, progressive design-build contracting, and public-private partnerships for project delivery, with definitions for these terms included. RIPTA can select proposals based on best value or low bid, and the act will take effect upon passage, applying to contracts entered into by RIPTA after this date. The bill is designed to give RIPTA more flexibility in financing and procurement to advance the development of transit projects.