The bill amends the "Quasi-Public Corporations Accountability and Transparency Act" by introducing a new section that establishes limitations on the transfer or reallocation of funds collected by certain quasi-public entities in Rhode Island. It emphasizes that these corporations and agencies, which perform essential government functions, must maintain transparency in their financial decisions and budgets. The bill stipulates that funds collected by these entities shall remain with them for their designated purposes and cannot be transferred to the state's general fund or other agencies at the request of the governor or the general assembly.

Additionally, the bill specifies that the provisions apply expressly to a list of designated quasi-public entities, including the Capital Center Commission, Convention Center Authority, I-195 Redevelopment District, Narragansett Bay Water Quality Management District Commission, Quonset Development Corporation, Rhode Island Airport Corporation, Rhode Island Commerce Corporation and its subsidiaries, Rhode Island Health and Educational Building Corporation, Rhode Island Housing and Mortgage Finance Corporation, Rhode Island Industrial Facilities Corporation, Rhode Island Industrial-Recreational Building Authority, Rhode Island Infrastructure Bank, Rhode Island Public Rail Corporation, Rhode Island Public Transit Authority, Rhode Island Refunding Bond Authority, Rhode Island Resource Recovery Corporation, Rhode Island Student Loan Authority, Rhode Island Tobacco Settlement Financing Corporation, Rhode Island Turnpike and Bridge Authority, Small Business Loan Fund Corporation, and Water Resources Board (Corporate).

The intent of the bill is to ensure that the assets and resources of these quasi-public corporations are used solely for their intended government functions and services, thereby enhancing accountability and transparency in their operations. The act will take effect upon passage.