The bill proposes a referendum for the general election on November 3, 2026, allowing Rhode Island citizens to vote on the issuance of bonds, refunding bonds, and/or temporary notes totaling $25,000,000 to fund the Bicycle Mobility Plan. This initiative aims to develop a comprehensive statewide bicycle system that enhances both off-road and on-street networks for improved transportation and recreational access. The bill details the ballot preparation process, giving voters the choice to "approve" or "reject" the bond issuance. If approved, the general treasurer, with the governor's consent, will be authorized to issue the bonds, ensuring the total amount does not exceed the approved funding.

Key provisions include the establishment of a capital development bond fund, the authority for the general treasurer to advance funds from the general fund, and the ability to accept federal and private assistance. The bill specifies that bonds will be sold at no less than their principal amount and will be exempt from state taxation, with the state's full faith and credit pledged for repayment. Additionally, the bill includes specific insertions and deletions to current law to facilitate these changes, ensuring compliance with federal regulations. Certain sections of the bill will take effect upon passage, while others will only be enacted if the majority of voters approve the bond issuance in the upcoming election.