The bill permits the town of Johnston to issue bonds not exceeding $40 million to finance the construction, renovation, and equipping of stormwater management and sewer facilities. The bonds may be of various types, including zero coupon and capital appreciation bonds, with a maturity period ranging from five to thirty years from the date of issuance. The town council is responsible for determining the specifics of the bond sale, such as denominations, maturities, and interest rates. The town may also engage in financing agreements with the Rhode Island infrastructure bank. Proceeds from the bond sales are designated for use in the town's stormwater and sewer projects, with the exclusion of premiums and accrued interest.

The bill also allows the town council to issue temporary notes in anticipation of the bonds or expected federal or state aid, with the total notes not to exceed the authorized bond amount or estimated aid. These notes are to be signed by the mayor and the director of finance and are payable within five years. The director of finance is authorized to use town treasury funds for the project, with repayment from subsequent bonds, notes, or other funds. The bill includes provisions for managing the proceeds from bonds or notes and specifies that the town's obligations from these bonds and notes are to be treated as lawful debts but are not to be included in the town's debt limit for borrowing capacity. The bill requires voter approval at a special election to take effect, except for Sections 13 and 14, which are effective upon passage.