The bill amends the existing legislation regarding the Burrillville Land Trust, changing its name to the Burrillville Land Conservancy. This change is reflected throughout the text, where references to "Trust" are replaced with "Conservancy." The Conservancy is established as a body politic and corporate, authorized to acquire, hold, and manage various types of real property within Burrillville, including open space, agricultural uses, and other purposes as determined by its members. The mission of the Conservancy is to protect the Town of Burrillville's rural character and natural heritage by preserving land as open space and ensuring public access for recreation, appreciation, and opportunities for research and natural resources education.

The bill outlines the governance structure of the Conservancy, specifying that its members must be electors of Burrillville and prohibiting elected officials from serving as members. It grants the Conservancy powers to acquire property, enter into agreements, and manage its assets in accordance with the terms of any grants or devises. The management, administration, and organization of the Conservancy shall be established by ordinance adopted by the Town Council of Burrillville. The Town Council is also responsible for approving all rules and regulations governing the Conservancy's affairs.

Additionally, the bill mandates that all meetings of the Conservancy be open to the public and requires the Conservancy to keep accurate records of its meetings. The fiscal year of the Conservancy is set from July 1 to June 30, and the treasurer of the Town of Burrillville is tasked with prudently investing the Conservancy's assets. Upon termination or dissolution of the Conservancy, all funds and properties will vest in the Town of Burrillville, which will manage the lands in accordance with the purposes for which they were acquired. The Conservancy and its revenues, income, and property used in furtherance of its public purposes are exempt from taxation and special assessments. The act will take effect upon passage.