This bill proposes a capital development program for the State of Rhode Island, seeking to fund various projects through the issuance of general obligation bonds, totaling up to $1.1 billion. The funding is allocated for several key areas, including $215 million for higher education facilities, $120 million for housing initiatives, $115 million for economic development, and additional allocations for career and technical education, green economy projects, and cultural initiatives. Specific allocations include $105 million for the University of Rhode Island Integrated Health Building and $100 million for affordable housing programs.

The projects will be presented to voters for approval during the general election in November 2026. The bill outlines the process for bond issuance, granting authority to the General Treasurer and the Governor to manage these financial instruments. It establishes a capital development bond fund to ensure that proceeds are used exclusively for the approved projects. The Secretary of State will prepare ballot labels for voter consideration, and if a majority approves, the state can proceed with funding and implementation.

Additionally, the bill includes provisions for the sale of bonds, ensuring they are sold at no less than their principal amount and are exempt from state taxation, while emphasizing the importance of leveraging federal and private funds to support the outlined initiatives. Certain sections of the act will take effect upon passage, while others are contingent on voter approval.