The bill grants the town of North Kingstown the authority to issue bonds up to $137,200,000 for school facility improvements, including the construction of a new Wickford Middle School. The bonds, which can be serial or term bonds or a combination of both, must have the first principal installment due within five years and the last within thirty years from the issuance date. The act is an enabling act as required by § 16-7-44, and any bonds issued for school projects must be approved by the Rhode Island Department of Education to qualify for state housing aid reimbursement. The town may also enter into financing agreements with the Rhode Island Health and Educational Building Corporation and the Rhode Island Infrastructure Bank, and the proceeds from the bond sales are exempt from further appropriation.

The bill details the procedures for the signing, issuing, and selling of the bonds, and allows the town council to issue temporary notes in anticipation of bonds or state aid, with a maximum period of five years for such notes. The treasurer is given discretion in the application of funds from the sale of bonds or notes, which must be used in compliance with federal tax laws to maintain tax-exempt status. The town is obligated to annually appropriate funds for the debt service of the bonds and notes, and these obligations are considered binding debts of the town. The authority to issue bonds and notes under this act will expire seven years after the act's effective date unless utilized by the town council, and the act's approval will be subject to a vote by the town's electors in the general election on November 5, 2024. Sections 14 and 15 of the act will become effective upon passage, while the rest will take effect upon elector approval.