The bill amends various sections of the General Laws in Chapter 45-38.1, which governs the Health and Educational Building Corporation in Rhode Island. Key changes include updating the statutory terminology by replacing the phrase "institutions for higher education" with "educational institutions" and redefining child daycare centers as educational institutions. The term "youth" has been replaced with "people of the state" to promote inclusivity.

The bill introduces new definitions for stakeholders, including "borrowers," "healthcare providers," and "municipalities," aiming to enhance support for these entities in improving facilities and access to services. It also updates the definition of "Project" to include "school housing project" and "ancillary facilities," while removing references to "child daycare center."

The corporation is empowered to charge fees to borrowers for loan-related costs and is granted authority to issue bonds and manage loan portfolios. The governance structure of the corporation is modified to allow for the appointment of board members by the governor, ensuring they can serve without conflicts of interest. Overall, the bill aims to streamline the language and expand the definition of eligible institutions for financing, ensuring that projects support educational and community needs. This act would take effect upon passage.