Bill Sponsors
Vargas, Quezada, Euer, DiPalma, Acosta, Bissaillon, Mack, and Zurier
Committee
Senate Finance
Summary
Select
This bill places a question on the November 2026 state ballot asking voters to approve the borrowing of $18 million through government bonds. If approved by voters, the money will be given to the Roger Williams Park Zoo. The zoo will use these funds to renovate its exhibits to display African native species and to convert an old education center into a climate-controlled building for reptiles, amphibians, and invertebrates. The bill outlines the rules for issuing, managing, and paying back these bonds.
Sponsor
Analysis
Pros for Progressives
- Invests heavily in a popular public amenity, ensuring that all residents have access to high-quality educational and recreational community spaces.
- Provides funding to build modern, climate-controlled, and adaptive habitats for animals, promoting animal welfare and enriching environmental education for the public.
- Ensures direct democratic oversight by requiring the public to vote on the bond measure before any funds are officially borrowed or spent.
Cons for Progressives
- Utilizes $18 million of the state's borrowing capacity that could otherwise be directed toward more urgent social safety net priorities, such as affordable housing or public healthcare.
- Commits the state to long-term debt repayment with interest, which relies on general taxpayer funds and could disproportionately burden lower-income residents if not offset by progressive taxation.
- Focuses a large public investment on a single geographical location in Providence, which may not equitably benefit disadvantaged residents in other parts of the state who lack transportation access.
Pros for Conservatives
- Empowers taxpayers by putting the borrowing decision directly on the ballot, preventing the legislature from unilaterally incurring this specific debt without voter consent.
- Supports local economic development by enhancing a major tourist attraction, which can drive revenue to surrounding private businesses and the broader local economy.
- Explicitly authorizes the use of private funds and federal assistance to help complete the project, which could reduce the ultimate financial burden on state taxpayers.
Cons for Conservatives
- Increases the state's long-term financial liabilities by issuing $18 million in general obligation bonds, which taxpayers will be responsible for repaying with interest.
- Uses public taxpayer funds to subsidize zoo renovations, a project that conservatives may argue should be financed through private donations, sponsorships, or user fees.
- Expands government spending on non-essential recreational projects, contradicting the conservative principle of maintaining a strictly limited government and lower taxes.
Constitutional Concerns
None Likely
Impact Overview
Groups Affected
- Taxpayers
- Voters
- Zoo visitors
- Zoo employees
- Construction workers
Towns Affected
Providence, All
Cost to Taxpayers
$11.56
Revenue Generated
None
BillBuddy Impact Ratings
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Freedom Impact
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Public Services
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Regulatory
Estimated regulatory burden imposed on the subject(s) of the bill.
Clarity of Bill Language
How clear the language of the bill is. Higher ambiguity equals a lower score.
Enforcement Provisions
Measures enforcement provisions and penalties for non-compliance (if applicable).
Environmental Impact
Impact the bill will have on the environment, positive or negative.
Privacy Impact
Impact the bill is likely to have on the privacy of individuals.
Bill Status
Current Status
Held
Comm Passed
Floor Passed
Law
History
• 04/14/2026 Introduced, referred to Senate Finance
• 05/08/2026 Scheduled for hearing and/or consideration (05/12/2026)
• 05/12/2026 Committee heard
• 05/08/2026 Scheduled for hearing and/or consideration (05/12/2026)
• 05/12/2026 Committee heard
Bill Text
SECTION 1. Proposition to be submitted to the people.
At the general election to be held on the Tuesday next after the first Monday in November 2026, there shall be submitted to the people ("people") of the State of Rhode Island ("state"), for their approval or rejection, the following proposition:
"Shall the action of the general assembly, by an act passed at the 2026 legislative session, authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode Island for the capital project and in the amount of $18,000,000 with respect to the project relating to the Roger Williams Park Zoo listed below be approved, and the issuance of bonds, refunding bonds, and temporary notes authorized in accordance with the provisions of said act?"
Approval of this question will allow the State of Rhode Island to issue general obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed eighteen million dollars ($18,000,000).
These projects funded with the bond proceeds will help Roger Williams Park Zoo make investments to renovate existing exhibit space to allow guests to view African native species in exciting new adaptive habitat spaces and convert the former education center into a year round accessible first class climate controlled facility occupied by more than twenty-five (25) different species of reptiles, amphibians and invertebrates. These projects will improve the visitor experience and further contribute to the Zoo’s positive economic impacts on Roger Williams Park, the city of Providence and all of Rhode Island.
SECTION 2. Ballot labels and applicability of general election laws.
The secretary of state shall prepare and deliver to the state board of elections ballot labels for the project provided for in section 1 hereof with the designations "approve" or "reject" provided next to the description of the project to enable voters to approve or reject the proposition. The general election laws, so far as consistent herewith, shall apply to this proposition.
SECTION 3. Approval of project by people.
If a majority of the people voting on the proposition in section 1 hereof shall vote to approve the project stated therein, said project shall be deemed to be approved by the people. The authority to issue bonds, refunding bonds and/or temporary notes of the state shall be limited to the aggregate amount for the project as set forth in the proposition, which has been approved by the people.
SECTION 4. Bonds for capital development program.
The general treasurer is hereby authorized and empowered, with the approval of the governor, and in accordance with the provisions of this act to issue capital development bonds in serial form, in the name of and on behalf of the State of Rhode Island, in amounts as may be specified by the governor in an aggregate principal amount not to exceed the total amount for the project approved by the people and designated as "capital development loan of 2026 bonds." Provided, however, that the aggregate principal amount of such capital development bonds and of any temporary notes outstanding at any one time issued in anticipation thereof pursuant to section 7 hereof shall not exceed the total amount for the project approved by the people. All provisions in this act relating to "bonds" shall also be deemed to apply to "refunding bonds."
Capital development bonds issued under this act shall be in denominations of one thousand dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the United States which at the time of payment shall be legal tender for public and private debts. These capital development bonds shall bear such date or dates, mature at specified time or times, but not mature beyond the end of the twentieth state fiscal year following the fiscal year in which they are issued; bear interest payable semi-annually at a specified rate or different or varying rates; be payable at a designated time or times at a specified place or places; be subject to express terms of redemption or recall, with or without premium; be in a form, with or without interest coupons attached; carry such registration, conversion, reconversion, transfer, debt retirement, acceleration and other provisions as may be fixed by the general treasurer, with the approval by the governor, upon each issue of such capital development bonds at the time of each issue. Whenever the governor shall approve the issuance of such capital development bonds, the governor's approval shall be certified to the secretary of state; the bonds shall be signed by the general treasurer and LC006246 - Page 2 of 7 countersigned by the secretary of state and shall bear the seal of the state. The signature approval of the governor shall be endorsed on each bond.
SECTION 5. Refunding bonds for 2026 capital development program.
The general treasurer is hereby authorized and empowered, with the approval of the governor, and in accordance with the provisions of this act, to issue bonds to refund the 2026 capital development program bonds, in the name of and on behalf of the state, in amounts as may be specified by the governor in an aggregate principal amount not to exceed the total amount approved by the people, to be designated as "capital development program loan of 2026 refunding bonds" (hereinafter "refunding bonds").
The general treasurer with the approval of the governor shall fix the terms and form of any refunding bonds issued under this act in the same manner as the capital development bonds issued under this act, except that the refunding bonds may not mature more than twenty (20) years from the date of original issue of the capital development bonds being refunded.
The proceeds of the refunding bonds, exclusive of any premium and accrual interest and net the underwriters' cost, and cost of bond insurance, shall, upon their receipt, be paid by the general treasurer immediately to the paying agent for the capital development bonds which are to be called and prepaid. The paying agent shall hold the refunding bond proceeds in trust until they are applied to prepay the capital development bonds. While such proceeds are held in trust, the proceeds may be invested for the benefit of the state in obligations of the United States of America or the State of Rhode Island.
If the general treasurer shall deposit with the paying agent for the capital development bonds the proceeds of the refunding bonds, or proceeds from other sources, amounts that, when invested in obligations of the United States or the State of Rhode Island, are sufficient to pay all principal, interest, and premium, if any, on the capital development bonds until these bonds are called for prepayment, then such capital development bonds shall not be considered debts of the State of Rhode Island for any purpose starting from the date of deposit of such monies with the paying agent. The refunding bonds shall continue to be a debt of the state until paid.
The term "bond" shall include "note," and the term "refunding bonds" shall include "refunding notes" when used in this act.
SECTION 6. Proceeds of capital development program.
The general treasurer is directed to deposit the proceeds from the sale of capital development bonds issued under this act, exclusive of premiums and accrued interest and net the underwriters' cost, and cost of bond insurance, in one or more of the depositories in which the funds of the state may be lawfully kept in special accounts (hereinafter cumulatively referred to as "such LC006246 - Page 3 of 7 capital development bond fund") appropriately designated for the project set forth in section 1 hereof which shall have been approved by the people to be used for the purpose of paying the cost of the project so approved.
All monies in the capital development bond fund shall be expended for the purposes specified in the proposition provided for in section 1 hereof under the direction and supervision of the director of administration (hereinafter referred to as "director"). The director, or designee shall be vested with all power and authority necessary or incidental to the purposes of this act including, but not limited to, the following authority:
(1) To acquire land or other real property or any interest, estate or right therein as may be necessary or advantageous to accomplish the purposes of this act;
(2) To direct payment for the preparation of any reports, plans and specifications, and relocation expenses and other costs such as for furnishings, equipment designing, inspecting and engineering, required in connection with the implementation of the project set forth in section 1 hereof;
(3) To direct payment for the costs of construction, rehabilitation, enlargement, provision of service utilities, and razing of facilities, and other improvements to land in connection with the implementation of the project set forth in section 1 hereof; and
(4) To direct payment for the cost of equipment, supplies, devices, materials and labor for repair, renovation or conversion of systems and structures as necessary for the 2026 capital development program bonds or notes hereunder from the proceeds thereof. No funds shall be expended in excess of the amount of the capital development bond fund designated for the project authorized in section 1 hereof. With respect to the bonds and temporary notes described in section 1, the proceeds shall be used for the following purpose:
Question 1, relating to bonds in an amount not to exceed eighteen million dollars ($18,000,000) to provide funding to help Roger Williams Park Zoo make investments to renovate existing exhibit space and to allow guests to view African native species in exciting new adaptive habitat spaces and convert the former education center into a year round accessible first class climate controlled facility occupied by more than twenty-five (25) different species of reptiles, amphibians and invertebrates.
SECTION 7. Sale of bonds and notes.
Any bonds or notes issued under the authority of this act shall be sold at not less than the principal amount thereof, in such mode and on such terms and conditions as the general treasurer, with the approval of the governor, shall deem to be in the best interests of the state.
Any premiums and accrued interest, net of the cost of bond insurance and underwriter's LC006246 - Page 4 of 7 discount, which may be received on the sale of the capital development bonds or notes shall become part of the Rhode Island capital plan fund of the state, unless directed by federal law or regulation to be used for some other purpose.
In the event that the amount received from the sale of the capital development bonds or notes exceeds the amount necessary for the purposes stated in section 6 hereof, the surplus may be used to the extent possible to retire the bonds as the same may become due, to redeem them in accordance with the terms thereof or otherwise to purchase them as the general treasurer, with the approval of the governor, shall deem to be in the best interests of the state.
Any bonds or notes issued under the provisions of this act and coupons on any capital development bonds, if properly executed by the manual or electronic signatures of officers of the state in office on the date of execution, shall be valid and binding according to their tenor, notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall for any reason have ceased to hold office.
SECTION 8. Bonds and notes to be tax exempt and general obligations of the state.
All bonds and notes issued under the authority of this act shall be exempt from taxation in the state and shall be general obligations of the state, and the full faith and credit of the state is hereby pledged for the due payment of the principal and interest on each of such bonds and notes as the same shall become due.
SECTION 9. Investment of monies in fund.
All monies in the capital development fund not immediately required for payment pursuant to the provisions of this act may be invested by the investment commission, as established by chapter 10 of title 35, entitled "state investment commission," pursuant to the provisions of such chapter; provided, however, that the securities in which the capital development fund is invested shall remain a part of the capital development fund until exchanged for other securities; and provided further, that the income from investments of the capital development fund shall become a part of the general fund of the state and shall be applied to the payment of debt service charges of the state, unless directed by federal law or regulation to be used for some other purpose, or to the extent necessary, to rebate to the United States treasury any income from investments (including gains from the disposition of investments) of proceeds of bonds or notes to the extent deemed necessary to exempt (in whole or in part) the interest paid on such bonds or notes from federal income taxation.
SECTION 10. Appropriation.
To the extent the debt service on these bonds is not otherwise provided, a sum sufficient to pay the interest and principal due each year on bonds and notes hereunder is hereby annually LC006246 - Page 5 of 7 appropriated out of any money in the treasury not otherwise appropriated.
SECTION 11. Advances from general fund.
The general treasurer is authorized, with the approval of the director and the governor, in anticipation of the issue of bonds or notes under the authority of this act, to advance to the capital development bond fund for the purposes specified in section 6 hereof, any funds of the state not specifically held for any particular purpose; provided, however, that all advances made to the capital development bond fund shall be returned to the general fund from the capital development bond fund forthwith upon the receipt by the capital development fund of proceeds resulting from the issue of bonds or notes to the extent of such advances.
SECTION 12. Federal assistance and private funds.
In carrying out this act, the director, or designee, is authorized on behalf of the state, with the approval of the governor, to apply for and accept any federal assistance which may become available for the purpose of this act, whether in the form of loan or grant or otherwise, to accept the provision of any federal legislation therefor, to enter into, act and carry out contracts in connection therewith, to act as agent for the federal government in connection therewith, or to designate a subordinate so to act. Where federal assistance is made available, the project shall be carried out in accordance with applicable federal law, the rules and regulations thereunder and the contract or contracts providing for federal assistance, notwithstanding any contrary provisions of state law. Subject to the foregoing, any federal funds received for the purposes of this act shall be deposited in the capital development bond fund and expended as a part thereof. The director, or designee may also utilize any private funds that may be made available for the purposes of this act.
SECTION 13. Sections 1, 2, 3, 11, 12, and 13 of this act shall take effect upon passage. The remaining sections of this act shall take effect when and if the state board of elections shall certify to the secretary of state that a majority of the qualified electors voting on the proposition contained in section 1 hereof have indicated their approval of the project thereunder.
At the general election to be held on the Tuesday next after the first Monday in November 2026, there shall be submitted to the people ("people") of the State of Rhode Island ("state"), for their approval or rejection, the following proposition:
"Shall the action of the general assembly, by an act passed at the 2026 legislative session, authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode Island for the capital project and in the amount of $18,000,000 with respect to the project relating to the Roger Williams Park Zoo listed below be approved, and the issuance of bonds, refunding bonds, and temporary notes authorized in accordance with the provisions of said act?"
Approval of this question will allow the State of Rhode Island to issue general obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed eighteen million dollars ($18,000,000).
These projects funded with the bond proceeds will help Roger Williams Park Zoo make investments to renovate existing exhibit space to allow guests to view African native species in exciting new adaptive habitat spaces and convert the former education center into a year round accessible first class climate controlled facility occupied by more than twenty-five (25) different species of reptiles, amphibians and invertebrates. These projects will improve the visitor experience and further contribute to the Zoo’s positive economic impacts on Roger Williams Park, the city of Providence and all of Rhode Island.
SECTION 2. Ballot labels and applicability of general election laws.
The secretary of state shall prepare and deliver to the state board of elections ballot labels for the project provided for in section 1 hereof with the designations "approve" or "reject" provided next to the description of the project to enable voters to approve or reject the proposition. The general election laws, so far as consistent herewith, shall apply to this proposition.
SECTION 3. Approval of project by people.
If a majority of the people voting on the proposition in section 1 hereof shall vote to approve the project stated therein, said project shall be deemed to be approved by the people. The authority to issue bonds, refunding bonds and/or temporary notes of the state shall be limited to the aggregate amount for the project as set forth in the proposition, which has been approved by the people.
SECTION 4. Bonds for capital development program.
The general treasurer is hereby authorized and empowered, with the approval of the governor, and in accordance with the provisions of this act to issue capital development bonds in serial form, in the name of and on behalf of the State of Rhode Island, in amounts as may be specified by the governor in an aggregate principal amount not to exceed the total amount for the project approved by the people and designated as "capital development loan of 2026 bonds." Provided, however, that the aggregate principal amount of such capital development bonds and of any temporary notes outstanding at any one time issued in anticipation thereof pursuant to section 7 hereof shall not exceed the total amount for the project approved by the people. All provisions in this act relating to "bonds" shall also be deemed to apply to "refunding bonds."
Capital development bonds issued under this act shall be in denominations of one thousand dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the United States which at the time of payment shall be legal tender for public and private debts. These capital development bonds shall bear such date or dates, mature at specified time or times, but not mature beyond the end of the twentieth state fiscal year following the fiscal year in which they are issued; bear interest payable semi-annually at a specified rate or different or varying rates; be payable at a designated time or times at a specified place or places; be subject to express terms of redemption or recall, with or without premium; be in a form, with or without interest coupons attached; carry such registration, conversion, reconversion, transfer, debt retirement, acceleration and other provisions as may be fixed by the general treasurer, with the approval by the governor, upon each issue of such capital development bonds at the time of each issue. Whenever the governor shall approve the issuance of such capital development bonds, the governor's approval shall be certified to the secretary of state; the bonds shall be signed by the general treasurer and LC006246 - Page 2 of 7 countersigned by the secretary of state and shall bear the seal of the state. The signature approval of the governor shall be endorsed on each bond.
SECTION 5. Refunding bonds for 2026 capital development program.
The general treasurer is hereby authorized and empowered, with the approval of the governor, and in accordance with the provisions of this act, to issue bonds to refund the 2026 capital development program bonds, in the name of and on behalf of the state, in amounts as may be specified by the governor in an aggregate principal amount not to exceed the total amount approved by the people, to be designated as "capital development program loan of 2026 refunding bonds" (hereinafter "refunding bonds").
The general treasurer with the approval of the governor shall fix the terms and form of any refunding bonds issued under this act in the same manner as the capital development bonds issued under this act, except that the refunding bonds may not mature more than twenty (20) years from the date of original issue of the capital development bonds being refunded.
The proceeds of the refunding bonds, exclusive of any premium and accrual interest and net the underwriters' cost, and cost of bond insurance, shall, upon their receipt, be paid by the general treasurer immediately to the paying agent for the capital development bonds which are to be called and prepaid. The paying agent shall hold the refunding bond proceeds in trust until they are applied to prepay the capital development bonds. While such proceeds are held in trust, the proceeds may be invested for the benefit of the state in obligations of the United States of America or the State of Rhode Island.
If the general treasurer shall deposit with the paying agent for the capital development bonds the proceeds of the refunding bonds, or proceeds from other sources, amounts that, when invested in obligations of the United States or the State of Rhode Island, are sufficient to pay all principal, interest, and premium, if any, on the capital development bonds until these bonds are called for prepayment, then such capital development bonds shall not be considered debts of the State of Rhode Island for any purpose starting from the date of deposit of such monies with the paying agent. The refunding bonds shall continue to be a debt of the state until paid.
The term "bond" shall include "note," and the term "refunding bonds" shall include "refunding notes" when used in this act.
SECTION 6. Proceeds of capital development program.
The general treasurer is directed to deposit the proceeds from the sale of capital development bonds issued under this act, exclusive of premiums and accrued interest and net the underwriters' cost, and cost of bond insurance, in one or more of the depositories in which the funds of the state may be lawfully kept in special accounts (hereinafter cumulatively referred to as "such LC006246 - Page 3 of 7 capital development bond fund") appropriately designated for the project set forth in section 1 hereof which shall have been approved by the people to be used for the purpose of paying the cost of the project so approved.
All monies in the capital development bond fund shall be expended for the purposes specified in the proposition provided for in section 1 hereof under the direction and supervision of the director of administration (hereinafter referred to as "director"). The director, or designee shall be vested with all power and authority necessary or incidental to the purposes of this act including, but not limited to, the following authority:
(1) To acquire land or other real property or any interest, estate or right therein as may be necessary or advantageous to accomplish the purposes of this act;
(2) To direct payment for the preparation of any reports, plans and specifications, and relocation expenses and other costs such as for furnishings, equipment designing, inspecting and engineering, required in connection with the implementation of the project set forth in section 1 hereof;
(3) To direct payment for the costs of construction, rehabilitation, enlargement, provision of service utilities, and razing of facilities, and other improvements to land in connection with the implementation of the project set forth in section 1 hereof; and
(4) To direct payment for the cost of equipment, supplies, devices, materials and labor for repair, renovation or conversion of systems and structures as necessary for the 2026 capital development program bonds or notes hereunder from the proceeds thereof. No funds shall be expended in excess of the amount of the capital development bond fund designated for the project authorized in section 1 hereof. With respect to the bonds and temporary notes described in section 1, the proceeds shall be used for the following purpose:
Question 1, relating to bonds in an amount not to exceed eighteen million dollars ($18,000,000) to provide funding to help Roger Williams Park Zoo make investments to renovate existing exhibit space and to allow guests to view African native species in exciting new adaptive habitat spaces and convert the former education center into a year round accessible first class climate controlled facility occupied by more than twenty-five (25) different species of reptiles, amphibians and invertebrates.
SECTION 7. Sale of bonds and notes.
Any bonds or notes issued under the authority of this act shall be sold at not less than the principal amount thereof, in such mode and on such terms and conditions as the general treasurer, with the approval of the governor, shall deem to be in the best interests of the state.
Any premiums and accrued interest, net of the cost of bond insurance and underwriter's LC006246 - Page 4 of 7 discount, which may be received on the sale of the capital development bonds or notes shall become part of the Rhode Island capital plan fund of the state, unless directed by federal law or regulation to be used for some other purpose.
In the event that the amount received from the sale of the capital development bonds or notes exceeds the amount necessary for the purposes stated in section 6 hereof, the surplus may be used to the extent possible to retire the bonds as the same may become due, to redeem them in accordance with the terms thereof or otherwise to purchase them as the general treasurer, with the approval of the governor, shall deem to be in the best interests of the state.
Any bonds or notes issued under the provisions of this act and coupons on any capital development bonds, if properly executed by the manual or electronic signatures of officers of the state in office on the date of execution, shall be valid and binding according to their tenor, notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall for any reason have ceased to hold office.
SECTION 8. Bonds and notes to be tax exempt and general obligations of the state.
All bonds and notes issued under the authority of this act shall be exempt from taxation in the state and shall be general obligations of the state, and the full faith and credit of the state is hereby pledged for the due payment of the principal and interest on each of such bonds and notes as the same shall become due.
SECTION 9. Investment of monies in fund.
All monies in the capital development fund not immediately required for payment pursuant to the provisions of this act may be invested by the investment commission, as established by chapter 10 of title 35, entitled "state investment commission," pursuant to the provisions of such chapter; provided, however, that the securities in which the capital development fund is invested shall remain a part of the capital development fund until exchanged for other securities; and provided further, that the income from investments of the capital development fund shall become a part of the general fund of the state and shall be applied to the payment of debt service charges of the state, unless directed by federal law or regulation to be used for some other purpose, or to the extent necessary, to rebate to the United States treasury any income from investments (including gains from the disposition of investments) of proceeds of bonds or notes to the extent deemed necessary to exempt (in whole or in part) the interest paid on such bonds or notes from federal income taxation.
SECTION 10. Appropriation.
To the extent the debt service on these bonds is not otherwise provided, a sum sufficient to pay the interest and principal due each year on bonds and notes hereunder is hereby annually LC006246 - Page 5 of 7 appropriated out of any money in the treasury not otherwise appropriated.
SECTION 11. Advances from general fund.
The general treasurer is authorized, with the approval of the director and the governor, in anticipation of the issue of bonds or notes under the authority of this act, to advance to the capital development bond fund for the purposes specified in section 6 hereof, any funds of the state not specifically held for any particular purpose; provided, however, that all advances made to the capital development bond fund shall be returned to the general fund from the capital development bond fund forthwith upon the receipt by the capital development fund of proceeds resulting from the issue of bonds or notes to the extent of such advances.
SECTION 12. Federal assistance and private funds.
In carrying out this act, the director, or designee, is authorized on behalf of the state, with the approval of the governor, to apply for and accept any federal assistance which may become available for the purpose of this act, whether in the form of loan or grant or otherwise, to accept the provision of any federal legislation therefor, to enter into, act and carry out contracts in connection therewith, to act as agent for the federal government in connection therewith, or to designate a subordinate so to act. Where federal assistance is made available, the project shall be carried out in accordance with applicable federal law, the rules and regulations thereunder and the contract or contracts providing for federal assistance, notwithstanding any contrary provisions of state law. Subject to the foregoing, any federal funds received for the purposes of this act shall be deposited in the capital development bond fund and expended as a part thereof. The director, or designee may also utilize any private funds that may be made available for the purposes of this act.
SECTION 13. Sections 1, 2, 3, 11, 12, and 13 of this act shall take effect upon passage. The remaining sections of this act shall take effect when and if the state board of elections shall certify to the secretary of state that a majority of the qualified electors voting on the proposition contained in section 1 hereof have indicated their approval of the project thereunder.