This bill allows the town of North Providence to issue bonds not exceeding $125,000,000 for the purpose of constructing, renovating, and improving schools and school facilities. The bonds may be sold through negotiated sale or competitive bid and may bear interest at fixed or variable rates. The town is also permitted to issue temporary notes in anticipation of the bonds or federal/state aid, which must be signed by the town's director of finance and the mayor and are payable within five years. The proceeds from the sale of the bonds will be used for school projects and related costs, and the town may receive school housing aid reimbursement or financial assistance from the state, provided the reimbursement rate is at least 79.8%.

The bill outlines the procedures for issuing bonds and notes, including the conditions for refunding temporary notes and the permissible uses of the proceeds. It grants the town's director of finance discretion over the application of premiums, earnings, or net profits from the sale or investment of bonds or notes, and exempts these obligations from certain debt limitations. The town is required to annually appropriate funds for principal and interest payments and may levy taxes if necessary. The bill ensures the validity of the bonds and notes even if the signing officers leave office before delivery and payment. The authority to issue bonds and notes will expire after seven years unless extinguished by the town council. The bill is effective upon passage, contingent on prior approval by the town's electors.