2025 -- H 6252
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LC002733
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S T A T E O F R H O D E I S L A N D
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2025
____________
A N A C T
RELATING TO WATERS AND NAVIGATION -- RHODE ISLAND INFRASTRUCTURE
BANK
Introduced By: Representatives Cortvriend, Spears, Carson, Speakman, Boylan, McGaw,
and Bennett
Date Introduced: April 23, 2025
Referred To: House Finance
(General Treasurer)
It is enacted by the General Assembly as follows:
SECTION 1. Chapter 46-12.2 of the General Laws entitled "Rhode Island Infrastructure 1
Bank" is hereby amended by adding thereto the following section: 2
46-12.2-4.4. Establishment of the resilient rhody infrastructure fund. 3
(a) There is hereby authorized and created within the Rhode Island infrastructure bank the 4
resilient rhody infrastructure fund for the purpose of providing technical, administrative and 5
financial assistance to local governmental units for resiliency and stormwater abatement projects. 6
The Rhode Island infrastructure bank shall review and approve all applications for projects to be 7
financed through the resilient rhody infrastructure fund. 8
The Rhode Island infrastructure bank shall promulgate rules and regulations to effectuate 9
the provisions of this section which may include, without limitation, forms for financial assistance 10
applications, loan agreements, and other instruments. All rules and regulations promulgated 11
pursuant to this chapter shall be promulgated in accordance with the provisions of chapter 35 of 12
title 42 ("administrative procedures"). 13
(b) The Rhode Island infrastructure bank shall have all the powers necessary and 14
convenient to carry out and effectuate the purposes and provisions of this section including, without 15
limiting the generality of the preceding statement, the authority: 16
(1) To receive and disburse such funds from the state and federal government as may be 17
available for the purpose of the fund subject to the provisions of this section; 18
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(2) To make and enter into binding commitments to provide financial assistance to local 1
governmental units from amounts on deposit in the fund; 2
(3) To levy administrative fees on eligible borrowers as necessary to effectuate the 3
provisions of this section, provided the fees have been previously authorized by an agreement 4
between the Rhode Island infrastructure bank and the eligible borrower; 5
(4) To engage the services of third-party vendors to provide professional services; 6
(5) To establish one or more accounts within the fund; and 7
(6) Such other authority as granted to the Rhode Island infrastructure bank under this 8
chapter. 9
(c) Subject to the provisions of this section and to any agreements with the holders of any 10
bonds of the Rhode Island infrastructure bank or any trustee therefor, amounts held by the Rhode 11
Island infrastructure bank for the account of the fund shall be applied by the Rhode Island 12
infrastructure bank, either by direct expenditure, disbursement, or transfer to one or more other 13
funds and accounts held by the Rhode Island infrastructure bank or maintained under any trust 14
agreement pertaining to bonds, either alone or with other funds of the Rhode Island infrastructure 15
bank, to the following purposes: 16
(1) To provide financial assistance to local governmental units to finance costs of approved 17
projects, as set forth in subsection (a) of this section, and to refinance the costs of the projects, 18
subject to such terms and conditions, if any, as are determined by the Rhode Island infrastructure 19
bank; 20
(2) To fund reserves for bonds of the Rhode Island infrastructure bank and to purchase 21
insurance and pay the premiums therefor, and pay fees and expenses of letters or lines of credit and 22
costs of reimbursement to the issuers thereof for any payments made thereon or on any insurance, 23
and to otherwise provide security for, and a source of payment for obligations of the Rhode Island 24
infrastructure bank, by pledge, lien, assignment, or otherwise as provided in this chapter; 25
(3) To pay expenses of the Rhode Island infrastructure bank in administering the fund; 26
(4) To provide a reserve for, or to otherwise secure, amounts payable by borrowers on loans 27
and obligations outstanding in the event of default thereof; amounts in any account in the fund may 28
be applied to defaults on loans outstanding to the borrower for which the account was established 29
and, on a parity basis with all other accounts, to defaults on any loans or obligations outstanding; 30
and 31
(5) To provide a reserve for, or to otherwise secure, by pledge, lien, assignment, or 32
otherwise as provided in this chapter, any bonds of the Rhode Island infrastructure bank. 33
(d) In addition to other remedies of the Rhode Island infrastructure bank under any loan 34
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agreement or otherwise provided by law, the Rhode Island infrastructure bank may also recover 1
from a borrower, in an action in superior court, any amount due the Rhode Island infrastructure 2
bank together with any other actual damages the Rhode Island infrastructure bank shall have 3
sustained from the failure or refusal of the borrower to make the payments or abide by the terms of 4
the loan agreement. 5
(e) The Rhode Island infrastructure bank may create one or more loan loss reserve funds 6
to serve as further security for any loans made by the Rhode Island infrastructure bank or any bonds 7
of the Rhode Island infrastructure bank issued to fund energy efficiency improvements in public 8
buildings in accordance with this section. 9
(f) To the extent possible, and in accordance with law, the Rhode Island infrastructure bank 10
shall encourage the use of project labor agreements for projects over ten million dollars 11
($10,000,000) and local hiring on projects funded under this section. 12
SECTION 2. This act shall take effect upon passage. 13
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO WATERS AND NAVIGATION -- RHODE ISLAND INFRASTRUCTURE
BANK
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This act would authorize the Rhode Island infrastructure bank to establish a fund to provide 1
financial assistance to local government units for resiliency and stormwater abatement projects. 2
This act would take effect upon passage. 3
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LC002733
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