The bill allows the town of East Greenwich to issue bonds up to $180 million to fund the improvement of public schools and facilities, including construction, renovation, and equipping of these institutions. The bonds can take various forms, such as serial bonds or zero coupon bonds, with a repayment period of up to thirty years. The town may receive state aid for these projects, and the bonds will be signed by the town's financial officials. The town is also authorized to appoint a school building committee and enter school properties to carry out the projects. Additionally, the town can issue temporary notes in anticipation of the bonds or state aid, with the principal amount of the notes not exceeding the principal amount of the bonds or the estimated aid.

The bill sets forth the financial procedures for issuing temporary notes and bonds, including refinancing and fund management. It allows the town to pay off notes without issuing bonds under certain conditions and requires annual appropriation of funds to service the debt. The obligations are exempt from some legal limits and are backed by ad valorem taxation on all taxable property in the town. The validity of the bonds and notes is independent of the project's validity. The authority to issue the bonds and notes will expire after seven years if not utilized, and the act's provisions will only become effective after approval by the town's electorate, except for sections 13, 14, and 15, which take effect immediately upon passage. The bill does not include any insertions or deletions to existing law.