The bill authorizes the city of Cranston to issue up to $25 million in general obligation bonds, notes, and other forms of indebtedness to finance the purchase and/or acquisition of land and buildings, as well as the construction, renovation, improvement, alteration, repair, landscaping, furnishing, and equipping of schools and school facilities throughout the city. The issuance of these bonds is contingent upon the approval of the school projects by the Rhode Island Department of Education (RIDE), and any bonds issued for these school projects will not be eligible for state aid reimbursement unless such approval is obtained.

This act serves as an enabling act of the general assembly as required by § 16-7-44. The bill outlines that the bonds may be structured in various forms, including serial or term bonds, and specifies that the principal appreciation on these bonds will not count against the city's debt limits.

Additionally, the act details the procedures for the issuance and management of these bonds, including the roles of the city council, director of finance, and mayor in executing necessary documents and agreements. It clarifies that the bonds will not require approval from any governmental agency beyond what is outlined in the act.

The question of the bond issuance must be put to a vote in a general election scheduled for November 3, 2026. Sections 14, 15, and 16 of the act will take effect upon passage, while the remainder of the act will take effect upon voter approval.