The bill grants the Chariho Regional School District the authority to issue general obligation bonds up to $15 million for improvements and equipment replacements at the Switch Road Campus, provided that state housing aid reimbursement rates are at least 61%, potentially increasing to 65% after project completion. The bonds can take various forms, including serial, term, zero coupon, capital appreciation, or compound interest bonds, and must be repaid within 5 to 30 years. The bill also allows for the issuance of temporary notes in anticipation of the bonds or state/federal aid, which must be signed by the district treasurer and the regional school district committee chairperson and are payable within five years. The regional school district committee has the flexibility to refund these notes and manage the proceeds, with the option to pay off the notes from other sources without affecting their authority to issue further bonds or notes.

The bill outlines 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 permitted to apply for and use 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 will expire seven years after the act's effective date unless extinguished by 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. Sections 13 and 14 of the act are effective immediately upon passage, while the rest of the act will take effect after voter approval. There are no insertions or deletions indicated that would change current law.