It is enacted by the General Assembly as follows:

SECTION 1. Chapter 45-38.1 of the General Laws entitled "Health and Educational Building Corporation" is hereby amended by adding thereto the following section:

{ADD 45-38.1-27. Development of Narragansett Brewery site. -- ADD} {ADD Notwithstanding any provision of this chapter or any general law or special law to the contrary, it shall be a corporate purpose of the corporation to finance the development of the site of the former Narragansett Brewery in the city of Cranston as a multi-purpose facility to be used as a center for economic development, biotechnology research, education, health care, governmental, and other similar uses. For purposes of this section the definition of the word "project" as provided in section 45-38.1-3(r) shall include structures and facilities suitable for use by institutions for higher education, health care facilities, governmental entities, and private non-profit users, including, but not limited to such uses as administration buildings, offices, libraries, laboratories, research facilities, classrooms, athletic facilities, maintenance, storage or utility facilities, and other structures or facilities related thereto or required or useful for the operation of the project, including parking and other facilities or structure essential or convenient for the orderly operation of the project, and shall also include equipment and machinery and other similar items necessary or convenient for the operation of the project and the manner for which its use is intended.

For purposes of this section and for purposes of the development of the project, wherever the terms "participating institution for higher education", "participating hospital", or "participating health care provider" appear in this chapter, any such terms shall mean and include the board of governors for higher education of the state or any one (1) or more public bodies, natural persons, firms, associations, corporations and business trusts designated by the board of governors. Bonds issued for the project shall not be subject to the requirements of section 45-38.1-20 and shall not exceed twenty-five million dollars ($25,000,000). Repayment of said bonds shall be limited to revenue and income generated by the project. ADD}

SECTION 2. This act shall take effect upon passage.