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 acquisition, improvement, renovation, and repair of fire and public safety equipment. The act outlines the procedures for issuing these bonds, including the signing authority and the use of proceeds. It allows for the issuance of temporary notes in anticipation of the bonds and specifies that the appreciation of principal on the bonds will be treated as interest and not counted as principal indebtedness for debt limit purposes.

The city council is granted the authority to authorize the issuance of bonds and notes without needing approval from other governmental agencies. The act also establishes that the question of approving this act will be submitted to the city's electors during the general election. Sections 12 and 13 of the act will take effect upon passage, while the remainder will take effect only after the electors approve the measure. The act ensures that the city will appropriate sufficient funds annually to cover the principal and interest on the bonds and allows for the consolidation of these bonds with other city bonds for issuance and sale purposes.