The bill allows the town of Barrington to issue bonds up to $250 million, or a lesser amount if approved by voters, to finance the construction and renovation of public schools and related facilities. The bonds can be of various types and must be repaid within 5 to 30 years, with the principal appreciation considered as interest. The town is eligible for state aid reimbursement or financial assistance, but bonds will not be issued unless the state aid reimbursement rate is at least 35% of eligible debt service. The bill specifies the management of bond proceeds by the town council or school committee, the issuance of temporary notes, and the application of funds for specific purposes. It also details the handling of accrued interest and premiums, exempts the obligations from certain legal limitations, and authorizes the town finance director and council president to execute necessary documents. The bill sets a seven-year limit for unissued bonds and notes and requires voter approval for bond issuance.

The bill stipulates that the state must approve school projects for a minimum reimbursement rate of 35% for the town to be eligible for state aid. The authorization amount for bonds will be reduced by any grants received from state bond proceeds or other state educational authorities. The bill also indicates that Sections 14, 15, and 17 will become effective immediately upon passage, while the rest of the act will take effect upon voter approval. The act serves as an enabling act required by state law and will prevail over any inconsistent provisions in the town charter. The specific schools and facilities to be financed will be determined by the town council and voted on by the public.