The bill authorizes the town of West Warwick to issue up to $71 million in general obligation bonds and notes to finance various school-related projects, including the acquisition, construction, improvement, renovation, furnishing, and equipping of schools and school facilities. The bonds can be issued in different forms, such as serial or term bonds, and the principal appreciation will be treated as interest, thus not counting towards the town's debt limit. The town council is empowered to manage these projects, enter public school properties as necessary, and seek financial assistance from state entities. Additionally, the bill allows for the issuance of temporary notes in anticipation of the bonds or state and federal aid, with specific limitations on the amounts.

Key provisions of the bill include the requirement for the town council to pass a resolution to ensure the repayment of any notes without extinguishing the authority to issue further bonds or notes. The period from the date of an original note to the maturity date of any other note is limited to five years. The bill also stipulates that all issued bonds and notes will be obligatory on the town and exempt from certain debt limitations, ensuring that sufficient funds are appropriated annually for principal and interest payments. The validity of the bonds and notes will not depend on the completion of additional legal actions, and the act will take effect upon the passage of specific sections, with the remainder contingent on a majority vote from the town's qualified voters.