The bill authorizes the town of Jamestown to issue bonds not exceeding three million dollars ($3,000,000) to finance affordable housing projects, contingent upon voter approval. The bonds may be issued in various forms, including serial or term bonds, with repayment schedules determined by the town council. The proceeds from these bonds are designated for creating additional affordable housing, repaying temporary notes, and covering advances made for the projects.

The bill outlines the responsibilities of the finance director and the town council in managing the issuance and expenditure of the bond proceeds, ensuring compliance with federal and state regulations. The question of approving this act will be presented to the town's electors during a general election, with the act taking effect upon certification by the state board of elections that a majority of qualified electors have approved the proposition. The provisions of the act are designed to facilitate the funding of affordable housing initiatives while ensuring that the financial obligations incurred do not affect the town's borrowing capacity under existing laws. Sections 11 and 12 of the act would take effect upon passage.