The bill authorizes the Town of New Shoreham to issue bonds totaling up to $10,400,000 for the purpose of financing various improvements to schools and school facilities. This action is in accordance with a prior vote by the town's electors during the financial town meeting on May 2, 2022, and is supported by Rhode Island General Laws § 45-12-2. The bill also stipulates that the principal and interest on these bonds will be eligible for state housing aid reimbursement as per section 16-7-44 of the general laws.

Additionally, the bill serves as the enabling act required by Rhode Island General Laws § 16-7-44, ensuring that the financing agreements with the Rhode Island Health and Educational Building Corporation are included in the scope of the bond issuance. The act will take effect immediately upon passage. There are no deletions from current law noted in the text provided.