The "Blue Wave Bond for Coastal Preparedness Act" proposes a bond measure that would authorize the State of Rhode Island to issue up to one hundred million dollars ($100,000,000) in general obligation bonds, subject to voter approval, to fund coastal preparedness and resilience projects. The funds will be allocated for shoreline protection, flood mitigation, stormwater and wastewater upgrades, protection of critical facilities, port and working waterfront resilience, and workforce preparedness and training programs to support resilience-related jobs and infrastructure investments.

The act stipulates that bond proceeds may only be used for projects in high-risk and prioritized areas identified in the state's resilience report for implementation within the next ten (10) years. Additionally, the act mandates that at least 25% of the bond proceeds must be allocated to municipalities.

The administering agency is required to publish an implementation plan and annual reports to ensure accountability and transparency regarding project statuses and expenditures. Sections 1, 2, 10, and 11 of the act will take effect upon passage, while the remaining sections will take effect only when the state board of elections certifies that a majority of the qualified electors voting on the proposition have approved the bond measure.