This bill grants the town of Middletown the authority to issue up to $190,000,000 in bonds and notes to finance the construction, renovation, and improvement of school facilities in the town. The funds can also be used for attendant expenses such as demolition, engineering, architectural, and landscaping costs. The bill allows the town to receive financial assistance from the state or other entities for these projects. The bonds will be signed by the town finance director and the president of the town council, and the terms and conditions of the bonds will be determined by the town council. The proceeds from the sale of the bonds will be used for the specified purposes and will be managed by the town finance director. The bill also allows for the issuance of temporary notes in anticipation of the bonds or the receipt of federal or state aid. These notes will be signed by the town finance director and the president of the town council and will be payable within five years. The bill also includes provisions for the refunding of temporary notes and the investment of funds.

Additionally, the bill authorizes the town to apply for and expend any federal or state advances or grants that may be available for these purposes. The approval of this act will be submitted to the qualified voters of the town in a local election to be held on November 7, 2023. The amount of borrowing authorized would be reduced by any grants received from state bond proceeds, RIDE, or the Rhode Island school building authority.