This bill grants the town of Coventry the authority to issue bonds up to $25 million for the construction, renovation, and improvement of schools and school facilities. The bonds may be issued in the form of serial bonds or term bonds, with repayment in annual installments over a period of up to 30 years. The town must meet certain conditions, including receiving a letter from the Rhode Island Department of Education confirming the eligibility for state aid, before issuing the bonds. The bill also allows the town to issue interest-bearing or discounted notes in anticipation of the authorization or issue of bonds or the receipt of federal or state aid. The amount of notes issued in anticipation of bonds or aid cannot exceed the corresponding amount of bonds or available aid. Temporary notes must be signed by the director of finance and the president of the town council and must be payable within five years. The town may refund temporary notes prior to maturity by issuing additional temporary notes, but the total amount of temporary notes outstanding cannot exceed 200% of the amount of bonds that may be issued.

This bill authorizes the town of Coventry to issue bonds and notes in order to finance the construction, renovation, rehabilitation, repair, improvement, furnishing, equipping, and/or additions to schools and school facilities throughout the town. The town council must pass a resolution indicating their intent to pay off the notes without extinguishing the authority to issue bonds or notes. The director of finance, with the approval of the town council, may use funds in the treasury of the town for the specified purposes. Any proceeds from the bonds or notes may be deposited or invested by the director of finance. The bill also outlines the obligations of the town in paying off the principal and interest on the bonds and notes, and allows for the application of any accrued interest, premiums, or earnings to various costs and payments associated with the bonds and notes. The bill also authorizes the town to apply for and expend federal or state advances or grants for the purposes of this act. Bonds and notes may be issued without obtaining approval from any governmental agency, and the validity of the bonds and notes does not depend on the occurrence of certain actions. The town council may extinguish the authority to issue bonds and notes after seven years. The bill also requires the approval of the act by the electors of the town at a special election.