The bill authorizes the town of North Kingstown 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, must have the first installment of principal due within five years and the last within thirty years from the date of issuance. The bill requires that bonds or notes issued for school projects be approved by the Rhode Island Department of Education to qualify for state housing aid reimbursement and allows for the possibility of increased reimbursement rates. It also outlines the procedures for signing, issuing, and selling the bonds, and permits the issuance of temporary notes in anticipation of bonds or federal or state aid, with a maximum period of five years from the date of the original note to the maturity of any renewals.

The bill details the management of the proceeds from the sale of the bonds or notes, including their use for construction, renovation, and other capital improvements of school facilities. It allows the town to apply funds from the treasury for these purposes, to be repaid from the bond proceeds. The bill exempts the obligations from certain state laws, ensuring they are obligatory on the town like other lawful debts and not included in the town's debt for borrowing capacity purposes. It requires the town to annually appropriate funds for principal and interest payments and allows for the levying of taxes on all taxable property if necessary. The bill ensures the validity of the bonds and notes even if the officers executing them leave office before delivery and payment, and permits the town to apply for and expend federal or state grants for the purposes of the act. The provisions will take effect upon passage, with the remainder effective upon approval by the town's electors at a specified election.