The bill proposes the repeal of legislation establishing the "Capital Center Commission," which is a public corporation responsible for managing a special development district in downtown Providence. The repeal removes the Commission's authority to sue, acquire property, make contracts, and levy special assessments on property owners within the district, effectively dissolving the Commission and its governance structure.

This legislative change indicates a shift in the state's approach to urban development and management of special districts. The bill stipulates that it will take effect upon the passage and enactment of a corresponding ordinance by the city of Providence that also repeals the local legislation creating the Capital Center Commission. If such an ordinance has already been enacted, the bill will take effect immediately upon passage.

The bill includes several deletions from current law, such as the removal of language that allows the Commission to include a pledge and agreement of the State in bond agreements, clarifications that obligations issued by the Commission do not constitute a debt or liability of the State or its political subdivisions, and the elimination of provisions related to the severability of the chapter in case any part is deemed unconstitutional or invalid.