This bill proposes to submit a proposition to the voters of Rhode Island during the general election on November 3, 2026, regarding the issuance of general obligation bonds totaling $25 million for the state's 2026 capital development program. The funds will be allocated for various capital development projects as determined by the program. If approved by a majority of voters, the state will be authorized to issue these bonds, which will be managed by the general treasurer with the governor's approval.

The bill outlines the procedures for the issuance and management of the bonds, including their tax-exempt status and the requirement for the proceeds to be deposited into a designated capital development bond fund. It also allows for the possibility of federal assistance and private funding to support the projects. Key sections of the bill will take effect upon passage, while others will become effective only after voter approval is confirmed by the state board of elections.