The bill grants the City of Newport the authority to issue bonds up to $98,500,000 for infrastructure and municipal facility projects, including schools and school facilities. The bonds may be issued in various forms, with the first principal installment due within five years and the last within thirty years. The bill considers the appreciation of principal as interest, not contributing to debt limits. The city is eligible for state reimbursement or assistance for school-related projects. The city council has the power to determine or delegate the details of bond issuance, and the proceeds are designated for specific city projects. Temporary notes may be issued in anticipation of the bonds or state aid, with provisions for their renewal and refunding.

The bill details the management of bond or note proceeds, exempts these obligations from certain debt limitations, and mandates annual appropriations for debt service, including the power to levy taxes if necessary. The validity of the bonds and notes is maintained even if city officers leave office before their delivery and payment. The city can apply for and use federal or state grants without additional approvals, except as specified in the act. Voter approval is required for the act to take effect, with certain sections dependent on a majority vote in favor. The act specifies that state aid reimbursement for school projects is contingent on approval from the Rhode Island Department of Education (RIDE). The act will become effective upon passage, except for sections 14 and 15, which require voter approval. The summary does not indicate any specific insertions or deletions from current law.