This bill proposes to submit a proposition to the voters of Rhode Island during the general election on November 3, 2026, seeking approval for the issuance of general obligation bonds totaling $25 million. The funds are intended for the state's 2026 capital development program. If a majority of voters approve the proposition, the state will be authorized to issue bonds, refunding bonds, and/or temporary notes to finance the program.

The bill outlines the procedures for the issuance and management of these bonds, including the roles of the general treasurer and the governor in approving the bond issuance. It specifies that the bonds will be exempt from state taxation and will be general obligations of the state, backed by its full faith and credit. Additionally, the bill allows for the acceptance of federal assistance and private funds to support the program. Certain sections of the act will take effect immediately upon passage, while others will only take effect once the state board of elections certifies that a majority of voters have approved the project.