The bill authorizes the city of Cranston to issue general obligation bonds and temporary notes not exceeding eight million dollars ($8,000,000) for the purpose of financing the design, construction, repair, rehabilitation, and improvement of streets, sidewalks, and bridges. This includes various related costs such as paving, drainage, traffic control devices, road maintenance equipment, safety improvements, and landscaping.

The act specifies that 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. It also states that the appreciation of principal on the bonds will be considered interest and not counted as principal indebtedness for debt limit purposes.

Additionally, the bill outlines the procedures for issuing and selling the bonds, detailing the roles of the city council, director of finance, and mayor in the process. It specifies how the proceeds from the bonds will be used and allows for the consolidation of these bonds with other city bonds.

The act will take effect upon approval by the electors of the city of the question provided for in section 12, which will occur in a general election scheduled for November 3, 2026, or at a special city-wide election determined by the city council. Sections 12 and 13 will take effect immediately upon passage.