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 all instances of "Trust" are replaced with "Conservancy." The bill establishes the Burrillville Land Conservancy as a body politic and corporate and a public instrumentality with the authority to acquire property for public recreational purposes. The Conservancy shall hold all property solely as open space, for agricultural uses, or for other purposes as determined by its members.

The mission of the Burrillville Land Conservancy is to protect the Town of Burrillville's rural character and natural heritage through land preservation and public access to these resources. The Conservancy will preserve open space, protect wetlands, and maintain scenic views through a program of sustained acquisition and stewardship. It will also provide opportunities for research and natural resources education on Conservancy properties.

The governance structure of the Conservancy is defined, stating that its members must be electors of the Town of Burrillville, and prohibiting elected officials from serving as members. The management, administration, and organization of the Conservancy shall be established by ordinance adopted by the Town Council. Rules and regulations governing the conduct of Conservancy affairs must be adopted by its members and approved by the Town Council.

The Conservancy is granted powers to acquire property, enter into agreements, and manage its assets in alignment with the purposes of the act. The ordinance will also set forth the process for the receipt, accounting, and expenditure of all monetary assets. The fiscal year of the Conservancy will be from July 1 to June 30, and the Town of Burrillville's treasurer will manage the investment of available 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 of the Conservancy.

Additionally, the Conservancy and all its revenues, income, and real and personal property used in furtherance of its public purposes will be exempt from taxation and from betterments and special assessments.