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 within 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 specifies that the appreciation of principal on the bonds will be treated as interest and will not be counted as principal indebtedness for debt limit calculations.

Additionally, the bill outlines the procedures for issuing and selling the bonds, detailing the roles of the city council, director of finance, and mayor in the process. 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 public projects. The act mandates that the question of its approval be submitted to the city's electors during the general election on 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.