This bill grants the town of North Providence the authority to issue bonds in an amount not exceeding $125,000,000. The bonds can be issued in various forms and may bear interest at a fixed or variable rate. The proceeds from the sale of the bonds will be used for the construction, renovation, and improvement of schools and school facilities in the town, as well as for the payment of principal and interest on temporary notes and other related costs. The bill also allows for the issuance of interest-bearing or discounted notes in anticipation of the bonds or receipt of federal or state aid. The temporary notes must be signed by the director of finance and the mayor and must be payable within five years.

This bill authorizes the Town of North Providence to issue bonds and notes up to $125,000,000 to finance the construction, renovation, rehabilitation, repair, improvements, furnishing, and equipping of schools and school facilities in the town. This includes the construction of three elementary schools, the renovation of two middle schools, and the construction of new administrative offices. The bill states that the issuance of bonds and notes has been approved by the electors of the town in an election held on November 8, 2022, and the act will take effect upon passage.