This bill authorizes the town of Scituate to issue general obligation bonds and notes up to $1,000,000 to finance a water project at the Scituate high school/middle school. The town is empowered to issue these bonds and notes under its corporate name and seal, or a facsimile of such seal. The bill clarifies that the town is not required to issue the bonds and notes through the Rhode Island infrastructure bank. The principal on these bonds will be eligible for state housing aid reimbursement, in accordance with Rhode Island General Laws Section 16-7-44. However, the bonds will only be eligible for principal reimbursement, not interest reimbursement, as they are not expected to be issued through the Rhode Island health and building corporation.

This bill also states that any bonds, notes, or other evidences of indebtedness issued under this act for school projects will not be eligible for state aid reimbursement unless the school projects have been approved by the Rhode Island department of education. The bill takes effect upon passage and has already been approved by the electors of the town and the town council.