The bill authorizes the city of Pawtucket to issue not more than $2,000,000 in general obligation bonds and notes to finance the renovation, construction, reconstruction, and equipping of public recreation facilities, including land acquisition and all related costs. The bonds may be issued in various forms, such as serial or term bonds, and will be payable within a timeframe determined by the city council, which will also set the specifics of the bond issuance, including sale amounts, interest rates, and other terms.

The proceeds from these bonds will be allocated to the specified projects and related costs, with the city treasurer responsible for managing the funds. The bill includes provisions for the city to apply for federal or state assistance and allows for the issuance of temporary notes in anticipation of the bonds. It specifies that the bonds and notes will not count against the city's borrowing capacity and mandates that the city must appropriate sufficient funds annually to cover the principal and interest on the bonds.

Sections 13 and 14 of the act will take effect upon passage, while the remainder of the act will take effect upon approval of the question provided for in section 13 at the next general election.