This bill allows the town of Lincoln to issue general obligation bonds and notes not exceeding $25,000,000 to fund the construction, renovation, and improvement of Lincoln elementary schools, among other related costs. It permits the town to enter into financing agreements with the Rhode Island health and educational building corporation and the Rhode Island infrastructure bank. The bill also enables the town council to issue temporary notes in anticipation of bonds or federal/state aid, with the stipulation that the total period for these notes, including renewals, cannot exceed five years, and the amount of outstanding temporary notes cannot exceed 200% of the bond amount.

The bill details the obligations and procedures for the town regarding the issuance of these bonds and notes, including repayment, investment of proceeds, and taxation to cover the principal and interest. It ensures that the bonds and notes will be considered lawful debts of the town but will not count towards the town's borrowing capacity. The bill requires annual appropriation of funds for repayment and mandates voter approval in a special election scheduled for November 7, 2023. Sections 14 and 15 will be effective upon passage, while the rest of the act will become effective upon voter approval.