The bill authorizes the city of Cranston to issue not more than four million dollars ($4,000,000) in general obligation bonds and temporary notes for the purpose of financing the repair, construction, and rehabilitation of storm drains and drainage improvements, as well as the remediation and mitigation of drainage and flooding problems. The act specifies that the bonds may be issued in various forms, including zero coupon bonds and serial bonds, with maturities ranging from five to thirty years. It also states that the appreciation of principal on these bonds will be treated as interest and will not count towards the city's debt limits.

Furthermore, the bill outlines the procedures for issuing these bonds, which include the necessary signatures from the director of finance and the mayor, as well as the authorization process by the city council. It allows for the consolidation of these bonds with other city bonds and stipulates that the proceeds from the bond sales will be used exclusively for the specified projects. Sections 12 and 13 of the act would take effect upon passage, while the remainder of the act would take effect upon approval by the electors of the city of the question provided for in section 12.