This bill grants the town of Cumberland the authority to issue bonds in the amount of $52,000,000 for various purposes, including the construction of a new elementary school. The bonds may be issued in different forms and will be payable over a period of up to 30 years. The bill also allows the town to receive financial assistance from the school building authority capital fund and reduces the amount of borrowing authorized by the amount of any grant received from the fund. The bill also authorizes the town to enter into financing agreements with the Rhode Island health and educational building corporation and the Rhode Island infrastructure bank. The town council may authorize the issuance of interest-bearing or discounted notes in anticipation of the bonds or the receipt of federal or state aid. The amount of original notes issued may not exceed the amount of bonds that may be issued, and the notes will be payable within five years. Temporary notes may be renewed or paid from time to time, but the period from the date of an original note to the maturity of any note issued to renew or pay the same debt or interest thereon may not exceed five years. Temporary notes in anticipation of bonds may be refunded prior to maturity, but the amount of refunding notes outstanding may not exceed 200% of the amount of bonds that may be issued. The proceeds of refunding notes that exceed the amount of bonds that may be issued will be deposited in a separate fund and used solely to pay the principal and interest on the notes being refunded. Any excess monies in the fund will be distributed to the town. The town may also pay the principal and interest on notes in full from other sources before issuing refunding notes.

This bill authorizes the town of Cumberland to issue bonds and notes in an amount not exceeding $52,000,000 to finance the construction, renovation, improvement, alteration, repair, furnishing, and equipping of a new elementary school and other related school facilities. The authorization for borrowing will be reduced by any grant received from the school building authority capital fund. The bill also specifies that any bonds, notes, or other evidences of indebtedness issued under this act for school projects will not be eligible for state housing aid reimbursement unless the projects have been approved by the Rhode Island Department of Education. The bill also includes provisions regarding the use of funds, the repayment of bonds and notes, the execution of necessary documents, and the submission of the bill for approval by the electors of the town. The bill will take effect upon passage and approval by the electors.