The bill amends various sections of the General Laws in Chapter 45-38.1, titled "Health and Educational Building Corporation," to expand support for educational and healthcare institutions in Rhode Island. Key changes include replacing "institutions for higher education" with "educational institutions," thereby broadening the definition to include a wider range of educational facilities. The term "youth" is also replaced with "people of the state," promoting inclusivity. The bill aims to enhance health and living conditions by providing municipalities with additional means to improve public educational and recreational facilities. It introduces new definitions and clarifications regarding the roles of the Rhode Island health and educational building corporation, which will facilitate loans and financial assistance to educational institutions and healthcare providers, while removing references to "child daycare centers" in several contexts.

Additionally, the bill revises the definition of "healthcare provider" to include a broader range of nonprofit organizations and modifies the language around rehabilitation services. It establishes the "Rhode Island health and educational building corporation" as a public body corporate, succeeding the previous corporation, and outlines its governance structure. The bill allows the corporation to issue negotiable bonds and notes for corporate purposes, with the revenues generated from projects pledged as security. It also clarifies that the corporation's financial dealings are not subject to state supervision, ensuring autonomy in setting rates and fees. Overall, the amendments aim to modernize the legal framework surrounding educational and healthcare services, streamline financial processes, and enhance the corporation's ability to support educational financing in the state.