The bill authorizes the city of Cranston to issue not more than eight million dollars ($8,000,000) in general obligation bonds and temporary notes for the purpose of financing the design, construction, repair, rehabilitation, and improvement of streets, sidewalks, and bridges within the city. This includes, but is not limited to, paving, drainage, traffic control devices, road maintenance equipment, safety improvements, landscaping, and all costs incidental or related thereto.

The act specifies that the city council will have the authority to determine the terms and conditions of the bond issuance. It allows for the issuance of various forms of bonds, including zero coupon bonds or serial bonds, with maturities ranging from five to thirty years. The appreciation of principal on these bonds will be treated as interest and will not be counted as principal indebtedness for debt limit calculations.

Additionally, the bill outlines the process for the city council to authorize the issuance of temporary notes in anticipation of the bonds or state and federal aid. It establishes that the city treasurer, with city council approval, may apply existing funds for the specified purposes until the bonds are issued. The act includes provisions for the management of bond proceeds, the application of accrued interest, and the handling of any excess funds.

Importantly, the act requires 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 of the act will take effect upon passage, while the remainder of the act will take effect upon voter approval.