The bill authorizes the city of Cranston to issue not more than four million dollars ($4,000,000) in general obligation bonds and temporary notes for the purpose of financing the repair, construction, and rehabilitation of storm drains and drainage improvements, as well as the remediation and mitigation of drainage and flooding problems. The bonds may be issued in various forms, including zero coupon bonds and serial bonds, with principal installments maturing between five and thirty years. The appreciation of principal on these bonds will be treated as interest and will not count against the city's debt limits.

The bill outlines the procedures for issuing these bonds, including the signing authority of the director of finance and the mayor, and specifies the use of proceeds from the bond sales. It also allows for the issuance of temporary notes in anticipation of the bonds and provides guidelines for the investment of proceeds. The act will be submitted for approval to the city's electors during the general election on November 3, 2026, or at a special election determined by the city council. Sections 12 and 13 of the act will take effect upon passage, while the remainder of the act will take effect upon voter approval.