The bill grants the town of South Kingstown the authority to issue bonds 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 issued in various forms, including serial bonds, term bonds, zero-coupon bonds, and capital appreciation bonds, with a repayment schedule spanning up to thirty years. The bill specifies the signing of the bonds by town officials, the use of proceeds for the project, and the town's ability to enter into financing agreements with state entities. It also allows for temporary notes in anticipation of bonds or aid, and authorizes the town council and school building committee to manage the project.

The bill outlines the financial management of the bond proceeds, including the application of funds from the town's treasury and the investment of proceeds. The town director of finance is given discretion over the use of remaining funds after project costs are covered. Bonds and notes issued under this act are considered lawful debts of the town but are excluded from the town's debt limit for borrowing capacity. The town must annually appropriate funds for repayment, and any shortfall is added to the tax levy. The act requires local election approval to take effect, with immediate implementation of Sections 13 and 14 upon passage, and the remainder contingent on majority approval in the election. There are no insertions or deletions from current law indicated in the provided text.