The bill grants the town of South Kingstown the authority to issue bonds and notes up to $150 million to finance the construction and renovation of a new high school, athletic facility, and other school facilities. The bonds may be of various types, including serial, term, and zero-coupon bonds, with the principal due between five and thirty years from the date of issuance. The bill specifies that the appreciation of principal is considered interest and not part of the principal indebtedness for debt limits. The town council and school building committee are authorized to manage the project, and the town may enter into agreements with the Rhode Island health and educational building corporation and the Rhode Island infrastructure bank. Temporary notes may be issued in anticipation of bonds or federal or state aid.

The bill also outlines the financial management of the bond proceeds, including the application of funds from the town's treasury, the investment of proceeds, and the handling of accrued interest and premium from the sale of bonds or notes. The town director of finance is given discretion over the use of remaining proceeds after project costs are paid. Bonds and notes issued under this act are obligatory on the town like other lawful debts and are excluded from the town's debt limit for borrowing capacity. The town must annually appropriate funds for principal and interest payments, and unappropriated sums will be added to the tax levy. The town may also receive and expend federal or state grants for the project. The act requires local election approval and will take effect upon passage, with the majority of the act taking effect after voter approval. There are no insertions or deletions mentioned, indicating that this is a new legislative addition rather than an amendment to existing law.