This bill grants the town of Lincoln the authority to issue general obligation bonds and notes in an amount not exceeding $25,000,000 for the construction, renovation, and improvement of Lincoln elementary schools. 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 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 includes provisions for the repayment of the principal and interest on the bonds and notes, as well as the use of funds in the treasury of the town for the specified purposes. The bill also allows for the deposit or investment of proceeds from the bonds or notes, and the application of accrued interest, premiums, earnings, and net profit to various costs and payments associated with the bonds or notes. The bill further authorizes the town to apply for and expend federal or state advances or grants for the purposes of this act. The bill also includes provisions regarding the validity and execution of the bonds and notes, as well as the annual appropriation and taxation of funds for their repayment. The bill allows for the extinguishment of the authority to issue bonds and notes by resolution of the town council. The bill also authorizes certain town officials to execute necessary documents and agreements to comply with federal tax and securities laws. The bill requires the approval of the act by the electors of the town at a special election.