The bill grants the Town of Glocester the authority to issue general obligation bonds and notes up to $10,700,000 for the purpose of renovating, expanding, or constructing its police station on Chopmist Hill Road, along with related equipment and furnishings. The bonds can be of various types, including serial bonds, term bonds, zero coupon bonds, and capital appreciation bonds, with the principal due between five and thirty years from the date of issue. The bill specifies that only the original principal amount is counted towards the town's debt limit, excluding any appreciation of principal, which is considered interest. The bonds will be signed by the town's finance director and the president or vice-president of the town council, and the proceeds will be used for the police station project and associated costs. The town council may also issue temporary notes in anticipation of the bonds or federal or state aid, and apply town funds in anticipation of or in lieu of bond or note issuance.

The bill ensures that the bonds and notes will be considered obligatory debts of the town, not included in the town's debt limit for borrowing capacity. The town must annually appropriate funds to pay the principal and interest on these bonds and notes, with any shortfall added to the annual tax levy. The validity of the bonds and notes is maintained even if the executing officers leave office before delivery and payment. The town may apply for and use federal or state grants for the act's purposes, with federal law taking precedence over state law in case of conflict. The town council has the power to extinguish the authority to issue unissued bonds and notes seven years after the act's effective date. The act's approval is subject to a vote by the town's electors, with sections 12 and 13 effective immediately upon passage and the remainder upon majority approval in an election.