This bill authorizes the town of West Warwick to issue not more than $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 financing may 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 for additional support. The bill outlines the procedures for issuing these bonds, including the roles of the town council and the director of finance, and specifies that the proceeds from the bonds should be utilized for the stated projects and associated expenses.

Furthermore, the bill stipulates that the bonds will not count against the town's debt limit and requires the town to appropriate sufficient funds annually to cover the principal and interest on the bonds. Sections 14 and 15 of the act will take effect upon passage, while the remainder of the act will become effective only if a majority of voters approve the bond issuance in a local election, ensuring community input on the financial commitment for the improvement of educational facilities.