The bill authorizes the city of Cranston to issue general obligation bonds and temporary notes not exceeding four million dollars ($4,000,000) for the purpose of financing the acquisition, construction, improvement, renovation, repair, and alteration of playgrounds, athletic fields, and related equipment. The bonds will mature in annual installments, with the first installment due no later than five years and the last no later than thirty years after issuance. The bill outlines the procedures for issuing these bonds, including the signing authority, the use of proceeds, and the ability to consolidate these bonds with other city bonds. It specifies that the appreciation of principal on the bonds will be treated as interest and not counted towards the city's debt limit.

Additionally, the bill includes provisions for the city council to authorize the issuance of temporary notes in anticipation of the bonds or state and federal aid. It allows the city treasurer to apply existing funds for the specified purposes and outlines how proceeds from the bonds can be invested. The act will take effect upon the approval of this act by a majority of those voting on the question at the election prescribed by section 12. Sections 12 and 13 will take effect immediately upon passage.