The bill grants the City of Newport the authority to issue bonds up to $98,500,000 for a range of municipal projects, including infrastructure and facility improvements. The bonds can be of various types, with the first principal installment due within five years and the last within thirty years from the issuance date. The city may receive state financial assistance for school-related projects, and the bill details the procedures for the bonds' signing, issuing, and selling. The city council can also authorize temporary notes in anticipation of the bonds or state/federal aid, provided the total notes do not exceed the bond amount or estimated aid.

The bill specifies that the proceeds from the bond sales are to be used for costs associated with the design, construction, repair, rehabilitation, replacement, and improvement of city facilities and infrastructure. It allows the city's director of finance to use general funds for these purposes, to be reimbursed later from bond proceeds, aid, or other funds. The obligations are exempt from certain debt limitations, and the city must annually appropriate funds for debt service, with the option to levy taxes if necessary. Voter approval is required for the act to take effect, and certain sections will only become effective upon voter approval. The act does not indicate any specific insertions or deletions from current law.