The bill authorizes the town of West Warwick to issue up to $71 million in general obligation bonds and notes to finance the acquisition, construction, improvement, renovation, furnishing, and equipping of schools and school facilities throughout the town. The proceeds from these bonds will also cover all attendant expenses, including but not limited to demolition, engineering, architectural, and landscaping costs.

The bonds may be issued in various forms, such as serial or term bonds, and the town may enter into financing agreements with state entities. Importantly, the bill specifies that the bonds will not count against the town's debt limit, as only the original principal amount will be considered for debt calculations, while any appreciation in principal will be treated as interest.

The town council is granted the authority to determine the terms of the bond issuance. Sections 14 and 15 of the act will take effect upon passage, while the remainder of the act will take effect only if a majority of voters approve the measure in a local election.