This bill grants the town of Barrington the authority to issue bonds up to a principal amount of $250,000,000, or a lesser amount approved by the voters. The bonds can be issued in the form of serial bonds or term bonds, and the town may also enter into financing agreements with the Rhode Island health and educational building corporation or the Rhode Island infrastructure bank. The proceeds from the sale of the bonds will be used to finance the construction, improvement, and equipping of public schools and school facilities in the town. 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. The principal amount of these notes cannot exceed the principal amount of the bonds or the estimated amount of available federal or state aid. The notes will be payable within five years, but can be renewed or paid from time to time with the issuance of other notes.

This bill authorizes the town of Barrington to issue up to $250,000,000 in bonds and/or notes to finance the construction, improvement, renovation, alteration, furnishing, and equipping of public schools and school facilities in the town. The funds can also be used for expenses such as design, athletic fields, playgrounds, landscaping, parking, and financing costs. The authorization is subject to approval of state housing aid at a reimbursement rate of at least 35% and will be reduced by certain grants received from state bond proceeds, the Rhode Island Department of Education, or the Rhode Island School Building Authority. Bonds issued under this act will not be eligible for state aid reimbursement unless the school projects have been approved by the Rhode Island Department of Education.