The bill amends Chapter 16-32 of the General Laws concerning 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 to adopt its own procurement rules. The board will also serve as the employer of record for university faculty and staff, overseeing employment matters and collective bargaining agreements. Additionally, the university's vice president of administration and finance is designated 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.

The bill further introduces a 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 adhere to their procurement rules. The bill also outlines tort claims against the board of trustees, defining liability for injuries and establishing claim procedures, with specific time limitations and damage caps. 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 operational efficiency and clarify the governance and liability framework for the university.