The bill under consideration grants the Chariho Regional School District the authority to issue general obligation bonds up to $15 million to fund improvements and equipment replacements at the Switch Road Campus. The bonds can be of various types, including serial, term, zero coupon, capital appreciation, or compound interest bonds, and must be repaid within a period of 5 to 30 years. The bill also allows for the issuance of temporary notes in anticipation of the bonds or state or federal aid, which must be repaid within five years. The proceeds from the bond sales are designated for specific campus improvements, and the district treasurer and chairperson are authorized to sign the bonds. Additionally, the bill includes provisions for the management of the proceeds, including the repayment of advances and the investment of funds, and specifies that any remaining balance after project completion should be applied to the principal or interest on the issued bonds or notes.

The bill stipulates that the bonds and notes will be obligatory on the regional school district committee as per Rhode Island law, but will not count towards the debt of any individual town within the district. The regional school district is also authorized to apply for and expend federal or state grants for the purposes of the act. The issuance of bonds and notes is exempt from the approval of any governmental agency, except as required by the act, and the authority to issue bonds and notes is limited to seven years after the act's effective date, unless extinguished by resolution of the regional school district committee. The act's approval is subject to a majority vote by the electors of the towns of Charlestown, Richmond, and Hopkinton. The bill does not indicate any insertions or deletions to current law.