Authorizing The Town Of Westerly To Issue Not To Exceed $50,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of Schools And School Facilities Throughout The Town, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 35% For Expenditures Eligible For State Aid And Provided That The Authorization Shall Be Reduced By Any Grant Received From The School Building Authority Capital Fund