The bill grants the City of Newport the authority to issue bonds and notes up to $98,500,000 to fund a variety of infrastructure and municipal facility improvements. The bonds may be issued as serial bonds, term bonds, or a combination thereof, with the first principal installment due within five years and the final installment due within thirty years from the issuance date. The bill specifies that the principal appreciation of certain bond types will be considered as interest and not part of the principal indebtedness when calculating debt limits. The city is also allowed to enter into financing agreements with specific Rhode Island financial institutions for these projects, and the proceeds from the bond sales are to be used for city projects including design, construction, and improvement of city infrastructure and facilities. Temporary notes may be issued in anticipation of bonds or federal/state aid, with specific conditions on renewals and refunding.

The bill details the management of bond and note proceeds, including the application of accrued interest and any premiums or net earnings, and exempts these obligations from certain debt limitations. It mandates the city to annually appropriate funds for principal and interest payments and authorizes the levy of taxes on all taxable property if necessary. The validity of the bonds and notes is maintained even if city officers leave office before the bonds are delivered and paid for. The city may apply for and expend federal or state grants without additional approvals, except as specified in the act. Voter approval is required for the act to take effect, with certain sections becoming effective upon passage and others upon voter approval. The act also clarifies that bonds issued for school projects are not eligible for state aid reimbursement unless approved by RIDE. There are no specific insertions or deletions from current law indicated in the provided text.