The bill under consideration would allow the Chariho Regional School District to issue up to $150 million in general obligation bonds to fund the construction and improvement of educational facilities, including three new elementary schools and upgrades to the Switch Road Campus. The bonds can take various forms, such as serial bonds, term bonds, or zero coupon bonds, with the principal due between five and thirty years from the date of issuance. The bill details the procedures for the issuance and management of the bonds, including the allocation of proceeds, the responsibilities of the district treasurer, and the chairperson of the regional school district committee. It also permits the issuance of temporary notes in anticipation of the bonds or federal/state aid, with the total amount of notes not exceeding the amount of bonds or estimated aid.

The bill requires that the construction projects commence by December 30, 2024, and be completed by December 30, 2029, to qualify for an increased school housing aid ratio. The Rhode Island Department of Elementary and Secondary Education has approved a minimum reimbursement rate of 61% for eligible costs, which may increase after project completion. The bill exempts the debt from these bonds or notes from the individual member towns' borrowing capacity and mandates voter approval in a special election set for May 7, 2024. The act will take effect upon passage and after a majority vote in each town. There are no specific insertions or deletions from current law mentioned in the summary provided.