The bill authorizes the city of Warwick to issue not to exceed $50,000,000 in general obligation bonds, notes, and other evidences of indebtedness to finance the construction, renovation, improvement, alteration, repair, landscaping, demolition, architectural costs, engineering, furnishing, and equipping of (i) two new high schools and school facilities to replace Pilgrim High School and Tollgate High School, including on-site athletic fields, and (ii) recreation and athletic facilities throughout the city.

This act serves as an enabling act of the general assembly as required by § 16-7-44. It specifies that any bonds, notes, or other evidences of indebtedness issued for school projects shall not be eligible for state aid reimbursement unless the school projects have been approved by the Rhode Island Department of Education (RIDE).

The act will take effect upon approval by a majority of voters in a special election, with sections 14 and 16 taking effect immediately upon passage. The bill clarifies that the bonds will not count against the city's debt limit and mandates that the city council must appropriate sufficient funds annually to cover the principal and interest on the bonds.