The bill grants the town of Cumberland the authority to issue bonds up to $52 million for the purpose of funding the construction and renovation of a new elementary school, related facilities, and the demolition of the existing B.F. Norton School. The bonds can be of various types, including zero coupon, capital appreciation, serial, and term bonds, with repayment terms ranging from five to thirty years. The town may receive state aid reimbursement or other financial assistance, which would reduce the amount borrowed. Bonds for school projects must be approved by the Rhode Island Department of Education to qualify for state aid. The town council will manage the bond issuance process, with the mayor and director of finance signing the bonds. The town can also enter into financing agreements with state entities, and the bond proceeds are specifically appropriated for the outlined school projects without further action required.

The bill stipulates that the bonds and notes issued will be considered legal debts of the town, not affecting its borrowing capacity, and requires the town to annually allocate funds for their repayment. The town's taxable property will be subject to taxation to fund these obligations. The bill allows for the investment of bond proceeds, the use of any interest or premiums earned, and the application for federal or state grants related to the act's purposes. The bonds and notes are exempt from needing approval from any governmental agency other than what is specified in the act. The bill will become effective upon passage of certain sections, with the rest becoming effective after a majority vote in an election scheduled for November 7, 2023. Additionally, the bill includes provisions for compliance with federal tax and securities laws.