The bill authorizes the City of Providence to issue general obligation bonds, notes, and other evidences of indebtedness up to $125,000,000 to finance various projects related to the construction, renovation, improvement, alteration, repair, landscaping, furnishing, and equipping of schools and school facilities throughout the city. The amount of borrowing may be reduced by certain grants received from the State of Rhode Island, the Rhode Island Department of Education, or the Rhode Island School Building Authority, but not by grants for projects funded by city capital reserve funds.

The bill also stipulates that, in accordance with § 16-7-44 of the general laws and subject to the approval of the Rhode Island Department of Education, the principal and interest on such bonds will be eligible for state housing aid reimbursement. This act serves as the enabling act required by § 16-7-44 of the general laws for the bonds to be eligible for this reimbursement. The act will take effect upon passage. There are no specific insertions or deletions from current law indicated in the provided text.