This bill proposes to submit a proposition to the voters of Rhode Island during the next general election, seeking approval for the issuance of bonds to fund a medical school at the University of Rhode Island's Kingston campus. The total amount requested for this project is $22,500,000. If a majority of voters approve the proposition, the state will be authorized to issue these financial instruments to support the capital project.

The bill outlines the procedures for the issuance and management of the bonds, including the roles of the General Treasurer and the Governor in approving the bonds. It establishes a capital development bond fund to manage the proceeds and specifies that the bonds will be general obligations of the state, exempt from taxation. The state will appropriate funds annually to cover the debt service on the bonds. Additionally, the bill allows for the acceptance of federal assistance and private funds to support the project. Sections 1, 2, 3, 11, 12, and 13 of the act would take effect upon passage, while the remaining sections would become effective only after the State Board of Elections certifies that a majority of qualified electors voting on the proposition have indicated their approval.