The bill authorizes the city of Warwick to issue up to $50 million in general obligation bonds, notes, and other forms of indebtedness to finance the construction, renovation, and improvement of two new high schools, specifically to replace Pilgrim High School and Tollgate High School, as well as various recreational facilities throughout the city. Key provisions include the requirement for the city council to pass a resolution indicating the intent to pay off the notes without extinguishing the authority to issue bonds or notes, and stipulations that the period from the date of an original note to the maturity date of any other note shall not exceed five years. The city treasurer, with city council approval, is empowered to apply funds from the general treasury for these projects, which must be repaid from the proceeds of bonds or notes issued later.

Additionally, the bill establishes that any bonds or notes issued for these school projects will not qualify for state aid reimbursement unless they receive prior approval from the Rhode Island Department of Education (RIDE). The act serves as an enabling act required by existing law, specifically § 16-7-44, and includes provisions for the management of bond proceeds, investment of funds, and annual appropriations to cover principal and interest payments. The bill will take effect upon passage for specific sections, while the remainder will become effective only after receiving majority approval from voters in a special election. The language of the bill does not indicate any deletions from current law but introduces new legal language regarding the issuance of bonds and conditions for state aid eligibility.