The bill authorizes the city of Pawtucket to issue not more than $3,000,000 in general obligation bonds and notes to finance the repaving of streets in the city and all costs related thereto. The bonds may be issued in various forms, including serial or term bonds, with repayment scheduled between three and thirty years. The city council will determine the specifics of the bond issuance, including amounts, interest rates, and terms. The proceeds from the bonds will be allocated for the street repaving project, repayment of temporary notes, and other related costs, with the city treasurer overseeing the management of these funds.

The bill also outlines the process for the city council to authorize the issuance of temporary notes in anticipation of the bonds and allows for the application of federal or state assistance. It specifies that the bonds and notes will not count against the city's borrowing capacity and mandates that the city appropriate sufficient funds annually to cover the principal and interest on the issued bonds. Sections 13 and 14 of the act would take effect upon passage, while the remainder of the act would take effect upon approval of the question provided for in section 13.