This bill allows the town of Cumberland to issue bonds and notes up to $52,000,000 to fund the construction, renovation, and improvement of a new elementary school and other school facilities. The bonds and notes can be issued in different forms and will be payable either by maturity of principal or by mandatory serial redemption. The town may also be eligible for financial assistance from the school building authority capital fund. The bill also clarifies that any bonds, notes, or other evidences of indebtedness issued for school projects will not be eligible for state housing aid reimbursement unless approved by the Rhode Island Department of Education. The bill requires approval from the town's electors in a November 2023 election.