This bill grants the town of North Kingstown the authority to issue bonds up to a total of $222,460,000 for various purposes, including the construction of a new middle school and a public safety complex. The bonds can be issued in the form of serial bonds or term bonds, and will be payable in annual installments over a period of up to 30 years. The bill also specifies that any bonds issued for school projects will not be eligible for state housing aid reimbursement unless approved by the Rhode Island Department of Education. The town council is authorized to determine the terms and conditions of the bonds, including interest rates and maturities. The bill also allows the town to enter into financing agreements with the Rhode Island Health and Educational Building Corporation and the Rhode Island Infrastructure Bank.

In addition to the issuance of bonds, the bill allows the town council to issue interest-bearing or discounted notes in anticipation of the authorization or issue of bonds, or in anticipation of the receipt of federal or state aid. The amount of notes issued may not exceed the amount of bonds or available aid. The bill also allows for the refunding of temporary notes prior to maturity, with certain limitations. The treasurer, with the approval of the town council, may also use funds in the town treasury for the specified purposes until bonds or notes are issued. The bill includes provisions for the extinguishment of the authority to issue bonds and notes after seven years and for the approval of this act by the electors of the town.