The bill authorizes the City of Providence to issue general obligation bonds, notes, and other evidences of indebtedness up to $125,000,000 for the purpose of financing various school-related projects. These projects include construction, renovation, improvement, alteration, repair, landscaping, furnishing, and equipping of schools and school facilities throughout the city. The amount borrowed may be reduced by certain grants received from 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 Rhode Island 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 legislation required by the same section of the general laws for the bonds to be eligible for this reimbursement. The bill will take effect upon passage. There are no insertions or deletions marked in the provided text, indicating that it is a new enactment without amendments to existing law.