This bill proposes to submit a proposition to the voters of Rhode Island during the general election in November 2026, seeking approval for the issuance of general obligation bonds totaling $100 million. The funds are intended to support the state's 2026 capital development program. The bill outlines the process for the issuance of these bonds, including the roles of the general treasurer and the governor in approving and managing the bond sales.

If a majority of voters approve the proposition, the state will be authorized to issue bonds and temporary notes up to the approved amount. The bill includes provisions for the management of the bond proceeds, ensuring they are used solely for the designated capital development projects. It also allows for the acceptance of federal assistance and private funds to support the program. All bonds issued will be exempt from state taxation and will be general obligations of the state. Sections 1, 2, 3, 11, and 12 of this act would take effect upon passage, while the remaining sections would take effect only after the state board of elections certifies that a majority of qualified electors voting on the proposition have indicated their approval.