Summary: 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, and must be repaid within a timeframe of five to thirty years. The town council is granted the authority to determine the specifics of the bond issuance, including sale amounts, interest rates, and repayment schedules. Additionally, the bill permits the issuance of temporary notes in anticipation of bond sales or federal/state aid, with strict limits on the amounts that can be issued.

The bill outlines the procedures for the management and application of the bond proceeds, which are designated for creating affordable housing, repaying temporary notes, and covering advances made for project costs. It specifies that the bonds will not count against the town's debt limit and mandates that the town appropriate sufficient funds annually to cover bond principal and interest. The act will be submitted to voters for approval, and the provisions in Sections 11 and 12 will take effect upon passage. The remaining sections will take effect when and if the state board of elections certifies that a majority of the qualified electors voting on the proposition have indicated their approval.