This bill grants the City of Cranston the authority to issue up to $40 million in bonds, notes, or other debt instruments for the purpose of financing the acquisition, construction, renovation, and improvement of school facilities. The proceeds from the sale of these bonds can be used for a variety of related expenses, and the city is allowed to enter into financing agreements with the Rhode Island health and educational building corporation and the Rhode Island infrastructure bank. The bill requires that the city receive confirmation from the Rhode Island Department of Education that the school housing aid reimbursement rate will be at least 50% of the debt service for eligible expenditures before issuing any bonds. Additionally, the city council may authorize temporary notes in anticipation of bonds or federal/state aid, which must be payable within five years.

The bill also details the management of the proceeds from the bonds or notes, which will be overseen by the city's director of finance with the city council's approval. The debt incurred will be an obligation of the city but will not count towards its borrowing capacity. The city must annually allocate funds for the repayment of the principal and interest, and all taxable property within the city may be taxed to fulfill these payments. The authority to issue bonds or notes will expire seven years after the act's effective date if not utilized. The bill's enactment is contingent upon voter approval in a general or special election, with sections 14 and 15 becoming effective immediately upon passage, and the rest upon voter approval.