The bill grants the town of East Greenwich the authority to issue bonds up to $180 million, or a lesser amount approved by voters, for the purpose of funding the acquisition, construction, renovation, and equipping of public schools and school facilities. The bonds can take various forms, including serial bonds, term bonds, and zero coupon bonds, with a repayment period of up to thirty years. The town may also receive state reimbursement or financial assistance for school housing aid. The town council or authorized officers will determine the terms and conditions of the bonds, and the town is permitted to appoint a school building committee and access school properties for project completion. Additionally, the town can issue temporary notes in anticipation of bonds or state aid, with the principal amount of notes not exceeding the principal amount of bonds or the estimated amount of aid.

The bill outlines the procedures for refinancing temporary notes and the use of funds, ensuring that the refinancing does not exceed 200% of the principal amount of bonds that can be issued. It also details the investment of proceeds, the application of accrued interest, and the annual appropriation of funds for bond and note repayment. The obligations are exempt from certain legal limitations, and all taxable property in the town is subject to taxation to ensure payment. The validity of the bonds and notes is independent of the project's validity. The authority to issue bonds and notes will expire after seven years if not utilized, and a referendum is required for voter approval. Sections 13 and 14, which allow the town council to determine the principal amount and the specific schools to benefit, along with Section 15, will be effective immediately upon passage, while the rest of the act will take effect after voter approval. The summary does not indicate any insertions or deletions to existing law.