This bill authorizes the city of Central Falls to issue bonds and notes in an amount not exceeding $25,000,000 for the purpose of financing the construction, renovation, improvement, alteration, repair, furnishing, and equipping of schools and school facilities within the city. The city is empowered to issue these bonds under its corporate name and seal, and various forms of bonds are allowed, including serial and term bonds. The bill specifies that the principal appreciation on the bonds will not count towards the city's debt limit, and only the original principal amount will be considered for determining the total debt issued.

Additionally, the bill outlines the procedures for the issuance and sale of the bonds, including the roles of the city director of finance and the mayor in signing the bonds. It allows the city to enter into financing agreements with state entities and provides guidelines for the use of bond proceeds. Notably, any bonds issued under this act will not be eligible for state housing aid reimbursement unless the school projects have been approved by the Rhode Island Department of Education. This act constitutes an enabling act of the general assembly required pursuant to 16-7-44. The act takes effect upon passage, as the issuance of the bonds was previously approved by the electors of the city at the November 5, 2024 election.