This bill grants the town of Lincoln the authority to issue general obligation bonds and notes in an amount not exceeding $25,000,000. The proceeds from the sale of the bonds will be used for the construction, renovation, and improvement of Lincoln elementary schools, as well as for other related costs. 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 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 amount of these notes may not exceed the amount of bonds that may be issued or the estimated amount of available federal or state aid. The temporary notes may be renewed or paid from time to time, but the total period from the date of the original note to the maturity of any renewed note may not exceed five years. Refunding of temporary notes may also be done, but the amount of outstanding temporary notes may not exceed 200% of the amount of bonds that may be issued. The bill also includes provisions regarding the payment of principal and interest on the bonds and notes, the use of funds in the town treasury, the deposit and investment of proceeds, the application of accrued interest and premiums, the obligations of the town, the repayment of federal and state advances, the issuance of bonds and notes without approval, and the execution of necessary documents. The bill also requires the approval of the act by the electors of the town in a special election.