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 city council will have the authority to determine the terms of the bonds, which may include various forms such as zero coupon bonds and serial bonds, with maturities ranging from five to thirty years. The act specifies that the appreciation of principal on these bonds will be treated as interest and will not count towards the city's debt limits.

The bill outlines the process for the issuance of temporary notes in anticipation of the bonds and allows the city treasurer to apply existing funds for the specified purposes pending bond issuance. It mandates that the city must appropriate sufficient funds annually to cover the principal and interest on the bonds and notes, and establishes that these obligations will not be included in the city's debt calculations. The act will be submitted for voter approval in a general election scheduled for November 3, 2026, or at a special election determined by the city council. Sections 12 and 13 will take effect upon passage, while the remainder of the act will take effect upon voter approval.