The bill grants the town of Johnston the authority to issue bonds not exceeding $40 million for the purpose of funding stormwater management and sewer facility projects. These bonds may be of various types, including zero coupon, capital appreciation, serial, or term bonds, and must be repaid within a period of thirty years from the date of issuance. The bill specifies that the bonds will be signed by the mayor and the director of finance, and the town council will determine the specific terms of sale and other details. It also allows the town to enter into financing agreements with the Rhode Island Infrastructure Bank. The proceeds from the bond sales are to be used exclusively for the project, with any premiums and accrued interest being managed separately.

Additionally, the bill permits the town council to issue temporary notes in anticipation of the bonds or federal/state aid, ensuring that the total amount of these notes does not surpass the bond limit or the estimated aid. These notes are also to be signed by the mayor and the director of finance and are payable within five years. The director of finance is authorized to use town treasury funds for the project, with the understanding that these funds will be reimbursed from the bond or note proceeds or other sources. The bill mandates that the town annually allocate funds for the repayment of the bonds and notes, and failure to do so will result in the required sum being added to the annual tax levy. The bill's Sections 13 and 14 will become effective immediately upon passage, while the rest of the provisions will be activated following voter approval in a special election.