This bill provides the town of South Kingstown with the authority to issue up to $150,000,000 in bonds for the purpose of funding the construction and renovation of a new high school and other school facilities. The town may issue these bonds as serial or term bonds, with the option to pay the principal through maturity or sinking fund installments. The town is also permitted to enter into financing agreements with the Rhode Island Health and Educational Building Corporation and the Rhode Island Infrastructure Bank. Furthermore, the town council is authorized to issue temporary notes in anticipation of the bonds or expected federal or state aid, with the stipulation that the amount of these notes cannot exceed the bond amount or the estimated aid. Provisions for the refunding of these temporary notes and the allocation of funds for principal and interest payments are also established.

The bill outlines the town's ability to apply for and use federal or state grants for the project, and mandates the annual appropriation of funds to service the debt. It ensures that any unpaid principal and interest will be included in the town's annual tax levy. The bill also details the procedures for the validity and execution of the bonds and notes, and requires voter approval in the town of South Kingstown before the majority of the act can take effect, with Sections 13 and 14 becoming effective immediately upon passage. The text of the bill does not indicate any insertions or deletions to existing law, suggesting that it is a new legislative initiative.