The bill introduces a new section to the "Quasi-Public Corporations Accountability and Transparency Act" that establishes limitations on the transfer or reallocation of funds collected by certain quasi-public entities in Rhode Island. It states that quasi-public corporations and agencies, which perform essential government functions and provide essential government services, must ensure transparency in their financial decisions and budgets. The bill mandates that funds collected by these entities shall remain with them for their designated purposes and cannot be transferred to the state's general fund or other agencies at the request of the governor or the general assembly.

The provisions of this section apply specifically to a list of designated quasi-public entities, including the Convention Center Authority, the I-195 Redevelopment District, the Narragansett Bay Water Quality Management District Commission, the Quonset Development Corporation, the Rhode Island Airport Corporation, the Rhode Island Commerce Corporation and its subsidiaries, the Rhode Island Health and Educational Building Corporation, the Rhode Island Housing and Mortgage Finance Corporation, the Rhode Island Industrial Facilities Corporation, the Rhode Island Industrial-Recreational Building Authority, the Rhode Island Infrastructure Bank, the Rhode Island Public Rail Corporation, the Rhode Island Public Transit Authority, the Rhode Island Refunding Bond Authority, the Rhode Island Resource Recovery Corporation, the Rhode Island Student Loan Authority, the Rhode Island Tobacco Settlement Financing Corporation, the Rhode Island Turnpike and Bridge Authority, the Small Business Loan Fund Corporation, and the Water Resources Board (corporate).

The intent of the bill is to ensure that the resources managed by these corporations are used solely for their intended government functions and services, thereby enhancing accountability and transparency in their operations. The act will take effect upon passage.