The bill grants the City of Newport the authority to issue bonds up to $98,500,000 for a range of municipal projects, including infrastructure and facility improvements. The bonds may be of various types, with the principal due between five and thirty years from the date of issuance. The appreciation of principal is considered interest for debt limit purposes, and only the original principal amount is counted towards the city's debt limit. The city may receive state aid for school-related projects, and the bill outlines the procedures for the bonds' issuance, including the city council's authority to determine or delegate details. Proceeds from the bond sales are designated for specific municipal projects, and temporary notes may be issued in anticipation of the bonds or state aid, with restrictions on their amount and duration.

The bill details the use of bond and note sale proceeds, exempts these obligations from certain debt limitations, and mandates annual appropriations for debt service, with the option to levy taxes if necessary. It ensures the validity of the bonds and notes even if issuing officers leave office before the bonds are delivered and paid for. 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, and certain sections will only become effective upon voter approval. The act specifies that bonds issued for school projects must be approved by the Rhode Island Department of Education (RIDE) to be eligible for state aid reimbursement. The act is effective upon passage, except for sections 14 and 15, which require voter approval. There are no insertions or deletions from current law mentioned in the summary provided.