This bill grants the town of South Kingstown the authority to issue bonds up to $125,000,000 for various purposes, including the acquisition, construction, improvement, renovation, furnishing, and equipping of a new high school and athletic facility. The bill also allows the town to enter into financing agreements with the Rhode Island health and educational building corporation and the Rhode Island infrastructure bank. The town may also be eligible for school housing service or financial assistance from the State of Rhode Island, the Rhode Island department of education, or the Rhode Island school building authority. The bill also authorizes the town council to issue interest-bearing or discounted notes in anticipation of the issuance of bonds or the receipt of federal or state aid.

This bill authorizes the town of South Kingstown to issue general obligation bonds and notes in an amount not to exceed $125,000,000. The funds from these bonds and notes will be used to finance the acquisition, construction, improvement, renovation, furnishing, and equipping of a new high school, athletic facility, and other school facilities in the town. The bill also allows the town to apply for and expend any federal or state advances or grants that may be available for these purposes. The approval of this act will be determined by a local election to be held on November 7, 2023. The amount of borrowing authorized by this bill will be reduced by the amount of certain grants received by the town from state bond proceeds, the Rhode Island Department of Education, or the Rhode Island School Building Authority.