The bill grants the town of Barrington the authority to issue bonds up to $250 million, or a lesser amount as approved by voters, to finance the construction and renovation of public schools and related facilities. The bonds may take various forms, such as zero-coupon, capital appreciation, serial, or term bonds, and must be repaid within 5 to 30 years. The principal appreciation of the bonds is considered interest and is not included in the principal indebtedness when calculating debt limits. The town is eligible for state aid reimbursement or other financial assistance, but bonds and notes will only be issued if the state aid reimbursement rate is at least 35% of eligible debt service. The bill also allows for the issuance of temporary notes in anticipation of bonds or federal/state aid, and the town council or school committee will manage the project funds, which are appropriated without further action required by the act.

The bill details the financial and legal procedures for the issuance of bonds and notes, including the management of proceeds, refunding of temporary notes, and the application of funds for specific purposes. It allows for the use of town treasury funds for specified purposes, to be repaid from subsequent bond or note proceeds or other available funds. The bill exempts the obligations from certain legal limitations and allows for the application of federal or state grants or assistance. The town finance director and the president of the town council are authorized to execute necessary documents to comply with federal tax and securities laws. The bill sets a seven-year limit after which unissued authority to issue bonds and notes may be extinguished by the town council, and it requires a referendum for voter approval of the bond issuance. Sections 14, 15, and 17 of the bill will become effective immediately upon passage, while the rest of the act will take effect after voter approval at an election. There are no insertions or deletions to current law mentioned in the provided text.