The bill authorizes the city of Cranston to issue not more than two million dollars ($2,000,000) in general obligation bonds and temporary notes for the purposes of acquiring, demolishing, constructing, improving, renovating, repairing, altering, furnishing, and equipping public buildings in the city. 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 of the director of finance and the mayor, and specifies that the proceeds from the bond sales will be used exclusively for the stated purposes. It includes provisions for the city council to authorize the issuance of interest-bearing or discounted notes in anticipation of the bonds and allows for the application of federal or state assistance.

The bonds and notes will not count against the city's debt limit, and the city must appropriate sufficient funds annually to cover the principal and interest on the bonds. The act will be submitted to the city's electors for approval during the general election on November 3, 2026, and will take effect upon passage of the act and subsequent voter approval. Sections 12 and 13 of the act will take effect upon passage.