The proposed legislation establishes the Crook Point Bridge Authority as an independent public instrumentality with a separate legal existence from the city of Providence and the State of Rhode Island. The Authority is created for the purpose of acquiring, maintaining, and overseeing the Crook Point Bascule Bridge and any property appurtenant or adjacent thereto, as well as planning, implementing, administering, and overseeing preservation, improvement, expansion, and redevelopment initiatives related to the bridge. The operations of the Authority will be deemed an essential public function.

The governance of the Authority will be managed by a board of directors consisting of three voting members, all of whom must be electors of the city of Providence. These directors will be appointed by the mayor of Providence, subject to approval by the city council, and will serve terms ranging from one to five years, with subsequent terms lasting five years and no term limit. Directors will serve without compensation but will be reimbursed for reasonable expenses incurred in carrying out their duties.

The legislation outlines the rights and powers of the board, including the ability to sue and be sued, adopt a corporate seal, maintain an office, enter into contracts, employ staff, and manage financial obligations. The Authority's obligations will not constitute a debt, liability, or pledge of faith of the city or state, but will be payable solely from the revenues and/or assets of the corporation. Additionally, the Authority will be exempt from state taxes.

The Authority is required to keep full and accurate accounts of its receipts, expenditures, and liabilities, which will be open to inspection by the city. It must report annually on its finances and activities, and copies of these reports will be submitted to the mayor and city council. The Authority will also conform to open meetings and public records laws, and its board members and employees will be subject to the code of ethics.

The act will take effect upon passage.