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 for the state's 2026 capital development program. The bill outlines the process for the ballot, stipulating that voters will have the option to "approve" or "reject" the proposition.

The bill grants the general treasurer, with the governor's approval, the authority to issue capital development bonds and refunding bonds as necessary, ensuring that the total amount does not exceed the approved $100 million. It specifies the terms for the bonds, including their denominations, interest rates, and maturity dates. Additionally, the bill establishes a capital development bond fund to manage the proceeds and includes provisions for the investment of funds, the appropriation of necessary amounts for debt service, and the acceptance of federal and private assistance to support the project.

Sections 1, 2, 3, 11, and 12 of this act would take effect upon passage. The remaining sections of this act would take effect when and if 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 of the project.