This bill proposes to submit a proposition to the voters of Rhode Island during the general election in November 2026, seeking approval for the issuance of general obligation bonds totaling $100 million. The funds are intended to support the state's 2026 capital development program.

Sections 1, 2, 3, 11, and 12 of this act would take effect upon passage. The remaining sections of this act would take effect only when the state board of elections certifies to the secretary of state that a majority of the qualified electors voting on the proposition have indicated their approval for the project.

The bill outlines the process for ballot labeling, the authority of the general treasurer to issue bonds, and the conditions under which these bonds will be sold and managed. It includes provisions for the management of the proceeds from the bond sales, ensuring that funds are used specifically for the approved project. The bill allows for the general treasurer to issue refunding bonds and outlines the tax-exempt status of the bonds as general obligations of the state. Additionally, it authorizes the acceptance of federal assistance and private funds to support the project.