The bill grants the town of Lincoln the authority to issue up to $14,000,000 in general obligation bonds, notes, and other forms of indebtedness to finance the construction of a new town-wide centralized rescue station and related costs. The bonds can be of various types, including zero-coupon, capital appreciation, serial, or term bonds, with fixed or variable interest rates, and can be sold through either negotiated sale or competitive bid. The bill specifies that only the original principal amount of the bonds is to be counted towards any debt limits, and the appreciation of principal after the original issue is considered interest. It also allows for the issuance of temporary notes in anticipation of bonds or federal/state aid, with the stipulation that the total amount of notes does not exceed the bond limit or estimated aid, and these notes are payable within five years.

The bill details the management of proceeds from the sale of bonds or notes, including their investment and application towards the project and bond-related costs. The finance director has the discretion to apply premiums, earnings, or net profits from sales and investments to the project costs or to the principal and interest payments of the bonds or notes. The bill ensures that the bonds and notes will be obligatory on the town like other lawful debts and will not count towards the town's borrowing capacity. The town must annually appropriate funds for the debt service, and if not, the required sum will be added to the annual tax levy. The authority to issue bonds and notes can be extinguished by the town council by resolution. The bill requires compliance with federal tax and securities laws and mandates voter approval at a special election, with Sections 13 and 14 effective upon passage and the remainder upon voter approval.