This bill proposes to submit a proposition to Rhode Island voters during the November 2026 general election, seeking approval for the issuance of general obligation bonds totaling $67.5 million to fund the state's 2026 capital development program related to green bonds. The funding will support various capital projects, including environmental and recreational initiatives such as brownfields remediation, facility improvements, local recreation projects, marine infrastructure development, and energy efficiency programs. The aim is to enhance community resilience, restore natural habitats, and improve public access to recreational spaces.

The bill outlines the process for bond issuance, granting authority to the general treasurer and the governor to manage the sale of the bonds and ensure compliance with state laws. It establishes a capital development bond fund for financing the approved projects and specifies that all issued bonds will be exempt from state taxation and considered general obligations of the state. Additionally, the bill allows for the acceptance of federal assistance and private funds to support these initiatives. Certain sections of the bill will take effect immediately upon passage, while the remaining sections will take effect only after the state board of elections certifies that a majority of qualified electors voting on the proposition have indicated their approval of the projects.