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 $217 million for the state's 2026 capital development program. The funds will be allocated to various projects, including $105 million for the construction of the Integrated Health Building at the University of Rhode Island, $50 million for renovations at the Adams Library at Rhode Island College, $60 million for a Workforce Innovation Center at the Community College of Rhode Island, and $2 million for the Office of Post Secondary Advanced Composites Program.

The bill outlines the process for ballot labeling, grants authority to the general treasurer to issue bonds, and specifies the conditions under which these bonds will be sold and managed. It includes provisions for the management of the funds generated from the bond sales, ensuring that they are used exclusively for the specified projects. The general treasurer, with the governor's approval, is authorized to issue refunding bonds if necessary and is provided guidelines for the investment of any unspent funds. The bill also allows for the acceptance of federal assistance and private funds to support the projects.

Sections 1, 2, 3, 11, and 12 of this act would take effect upon passage, while the remaining sections would take effect only when the state board of elections certifies that a majority of the qualified electors voting on the proposition have indicated their approval of the projects.