Authorizing the creation of a State Debt not to exceed $500,000, the proceeds to be used as a grant to the Board of Trustees of Grace and St. Peter's School for the planning, design, construction, renovation, and capital equipping of a recreational facility and a new school entrance; providing for disbursement of the loan proceeds, subject to a requirement that the grantee provide and expend a matching fund; prohibiting the use of the proceeds of the sale of the bonds or the matching fund for sectarian religious purposes; etc.