This bill grants the town of East Greenwich the authority to issue bonds up to a principal amount of $180,000,000 for the purpose of financing the acquisition, construction, improvement, renovation, alteration, furnishing, and equipping of public schools and school facilities. The bill also allows the town council to issue interest-bearing or discounted notes in anticipation of the issuance of bonds or the receipt of federal or state aid. The principal amount of these notes cannot exceed the principal amount of the bonds or the estimated amount of available federal or state aid.

The bill outlines the procedures for issuing the bonds or notes, including the requirement for a referendum to be held to obtain voter approval. It also provides for the repayment of the bonds or notes and the use of funds from the treasury of the town for the specified purposes. The bill specifies that the funds can also be used for costs of design, demolition, athletic fields, landscaping, parking, and financing. The town council will determine the exact amount of bonds and notes to be presented to the voters, as well as the specific schools and facilities to be financed.