The proposed bill establishes the Crook Point Bridge Authority as an independent public instrumentality with a separate legal existence from the city of Providence and the State of Rhode Island. The purpose of the authority is to acquire, maintain, and oversee the Crook Point Bascule Bridge and any property appurtenant or adjacent thereto, as well as to plan, implement, administer, and oversee preservation, improvement, expansion, and redevelopment initiatives related to the bridge. The operations of the authority will be considered an essential public function.

The governance of the authority will be managed by a board of directors consisting of three voting members, all of whom must be electors of Providence. The directors will be appointed by the mayor, subject to approval by the city council, and will serve terms ranging from one to five years, with subsequent terms lasting five years and no term limit. Directors will serve without compensation but may be reimbursed for reasonable expenses incurred in carrying out their duties.

The bill outlines the rights and powers of the board, including the ability to sue and be sued, adopt a corporate seal, maintain an office, enter into contracts, employ staff, and manage financial obligations. The obligations of the authority will not constitute a debt, liability, or pledge of faith of the city or state, and the authority will be exempt from state taxes. The authority is required to keep accurate financial records and report annually on its finances and activities to the mayor and city council. The act will take effect upon passage.