The bill amends several sections of the General Laws in Chapter 16-32, which governs the University of Rhode Island, by establishing a Board of Trustees as a public corporation with expanded powers and responsibilities. Key insertions include the board's authority to acquire and manage property independently of certain state regulations and the ability to adopt its own procurement rules. The board will also serve as the employer of record for the university, overseeing faculty and staff employment and collective bargaining agreements. Additionally, the bill designates the university's vice president of administration and finance as the chief purchasing officer. Significant deletions involve the removal of specific procurement regulations that previously governed small purchases, allowing the board to contract independently, except for projects funded by state general obligation bonds.

Moreover, the bill introduces a new landscaping fund for the University of Rhode Island, Rhode Island College, and the Community College of Rhode Island, enabling the allocation of funds for landscaping and safety. It modifies the auditing process by allowing the university to establish its own internal audit functions without soliciting bids, provided they comply with their procurement rules. The bill also outlines tort claims against the board of trustees, defining liability for injuries and establishing claim procedures, with limitations on damages recoverable against the board. Additionally, it amends public corporation debt management laws, requiring general assembly approval for certain financing activities while exempting the university under specific conditions. Overall, the bill aims to enhance the operational efficiency and governance framework of the university while providing necessary legal protections.