The bill authorizes the Town of Portsmouth to issue general obligation bonds, notes, and other evidences of indebtedness not exceeding $41,000,000 to finance 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 projects have been approved by the Rhode Island Department of Education, as required by 16-7-44.

The act serves as an enabling act of the general assembly. Sections 14 and 15 of the act would take effect upon passage, while the remainder of the act will take effect upon approval of the question provided for in Section 14.