The bill under consideration allows the Chariho Regional School District to issue general obligation bonds up to $150 million for the construction and equipping of three new elementary schools in Charlestown, Richmond, and Hopkinton, as well as for improvements at the Switch Road Campus. The bonds may be issued in various forms and must be repaid within a period of five to thirty years from the date of issuance. The bill specifies that only the original principal amount is counted towards the principal indebtedness for debt limits, and the appreciation of principal after the issue date is considered interest. It also details the signing of the bonds, the process for determining their terms and conditions, and the allocation of proceeds, which includes financing the projects, paying off temporary notes, repayment of advances, costs of issuance, and financing capitalized interest.

Furthermore, the bill requires that the construction must commence by December 30, 2024, and be completed by December 30, 2029, to qualify for an increased school housing aid ratio, which is confirmed to be at least 61% of debt service for eligible costs at the time of issuance. The bill exempts the debt from these bonds or notes from being counted towards the individual member towns' borrowing capacity and allows for the application of federal or state grants or assistance. Voter approval is necessary, with a special election set for May 7, 2024. The act will take effect upon passage and after approval by a majority vote in each town. There are no insertions or deletions indicated in the provided text.