This bill authorizes the city of Central Falls to issue bonds and notes not exceeding $15,000,000 for the purpose of financing the construction, renovation, improvement, alteration, repair, furnishing, and equipping of schools and school facilities within the city. The act serves as an enabling act required under existing law, specifically referencing section 16-7-44, which stipulates that any bonds or notes issued for these school projects will not be eligible for state housing aid reimbursement unless they have been approved by the Rhode Island Department of Education (RIDE).

The bill outlines that the city council may authorize the issuance of interest-bearing or discounted notes in anticipation of the bonds. It allows for the application of funds in the city treasury to the specified purposes. Additionally, the act states that the bonds will not be included in the city's debt for the purpose of determining borrowing capacity and mandates that the city will appropriate sufficient funds annually to cover the principal and interest on the bonds. The act will take effect upon passage, as the issuance of the bonds was previously approved by the city's electors in the November 5, 2024 election.