The bill authorizes the Town of Portsmouth to issue general obligation bonds, notes, and other evidences of indebtedness not exceeding $41,000,000 for the purpose of financing the construction, additions, renovation, improvement, alteration, repair, furnishing, and equipping of schools and school facilities throughout the town. It specifies that any bonds, notes, or other evidences of indebtedness issued under this act for school projects shall not be eligible for state housing aid reimbursement unless the school projects have been approved by the Rhode Island Department of Education.

The act constitutes an enabling act of the general assembly as required by 16-7-44. Sections 14 and 15 of the act would take effect upon passage, while the remainder of the act takes effect upon approval of the question provided for in Section 14. The act also mandates that the question of its approval be submitted to the town's electors during the next general election.