The bill authorizes the town of South Kingstown to issue bonds and notes not exceeding $125 million for the purpose of financing the construction and renovation of school facilities, including a new high school, athletic facility, and other related infrastructure. The bill details the financial mechanisms, such as the types of bonds, the schedule for principal payments, and the treatment of interest for the purposes of debt limits. It also allows for temporary notes in anticipation of bonds or federal/state aid, with the total not to exceed the amount of bonds or estimated aid. The proceeds from the sale of the bonds will be used for various costs associated with the school facilities, and the amount borrowed will be reduced by any state grants received.

The bill further stipulates that the bonds and notes issued will be obligatory on the town like other lawful debts but will not count towards the town's borrowing capacity. The town must annually appropriate funds for the principal and interest of the bonds and notes, and if not, the required sum will be added to the annual tax levy. The town is also authorized to apply for and expend federal or state grants for the purposes of the act. The act requires voter approval and will take effect upon passage, with the remainder effective upon voter approval. The bill does not indicate specific insertions or deletions from current law.