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 will be payable in annual installments of principal over a period of 5 to 30 years. The bill also allows the town to receive school housing aid reimbursement or other financial assistance from the state, which would reduce the amount of borrowing authorized. The bonds will be signed by the town finance director and the president of the town council, and the proceeds will be used to finance the construction, improvement, and equipping of public schools and school facilities in the town.

Additionally, the bill allows the town to enter into financing agreements with the Rhode Island health and educational building corporation or the Rhode Island infrastructure bank, and to have the provisions of certain laws apply to the issuance of bonds or notes. The proceeds from the sale of the bonds will be delivered to the town finance director and used to finance the project, including design, athletic fields, playgrounds, and parking. The town council may delegate authority for carrying out the project to the town school committee. The bill also authorizes the issuance of interest-bearing or discounted notes in anticipation of the issuance of bonds or the receipt of federal or state aid. The principal amount of the notes cannot exceed the principal amount of the bonds or the estimated amount of available federal or state aid. The notes will be signed by the town finance director and the president of the town council and will be payable within five years.