This bill authorizes the city of Providence to issue up to $25 million in general obligation bonds and notes to fund the Providence Housing Trust Fund, which is intended to finance affordable multi-family housing projects within the city. The bonds may be issued in various forms, including serial and term bonds, with the specifics of the issuance—such as amounts, interest rates, and terms—determined by the city council.

The bill specifies that the appreciation of principal on these bonds will be treated as interest and will not count towards the city's debt limits. It outlines the procedures for the issuance and management of these bonds, including the signing authority of the city treasurer and mayor, the application of proceeds, and the handling of temporary notes in anticipation of bond issuance. The city is mandated to appropriate sufficient funds annually to cover the principal and interest on the bonds, and it establishes that the bonds will not affect the city's borrowing capacity.

Sections 13 and 14 of this act would take effect upon passage, while the remainder of the act would take effect upon approval by the electors of the city of the question provided for in section 13.