The bill grants the Town of Glocester the authority to issue general obligation bonds and notes up to $10,700,000 for the renovation, expansion, or construction of its police station on Chopmist Hill Road, including related equipment and furnishings. The bonds can be of various types and must be repaid within thirty years, with the first installment due within five years. The bill specifies that only the original principal amount is counted towards any debt limit, with any appreciation of principal considered as interest. It also details the responsibilities of the town council and the director of finance in terms of signing the bonds, determining sale methods, and using the proceeds, which are deemed appropriated without further action. The town council may also issue temporary notes in anticipation of bonds or federal or state aid, with a maximum period of five years from the date of an original note to the maturity of any renewals.

The bill further outlines the financial management of the proceeds from the sale of the bonds or notes, including the application of premiums, accrued interest, and any balance after project costs to the principal or interest on the issued obligations. It exempts these obligations from a specific section of state law and excludes them from the town's borrowing capacity calculations. The town is required to annually appropriate funds for the repayment of the bonds and notes, with any shortfall added to the annual tax levy. The town may also seek federal or state grants or assistance. The validity of the bonds and notes is not contingent on the validity of constitutional requirements. The town council can extinguish the authority to issue unissued bonds and notes after seven years. The act's effectiveness is subject to passage and majority approval by the town's electors in an election.