| Chapter 163 |
| 2025 -- S 1070 Enacted 06/24/2025 |
| A N A C T |
| RELATING TO WATERS AND NAVIGATION -- RHODE ISLAND INFRASTRUCTURE BANK |
Introduced By: Senators Ciccone, and DiPalma |
| Date Introduced: May 13, 2025 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Chapter 46-12.2 of the General Laws entitled "Rhode Island Infrastructure |
| Bank" is hereby amended by adding thereto the following section: |
| 46-12.2-4.4. Establishment of the resilient rhody infrastructure fund. |
| (a) There is hereby authorized and created within the Rhode Island infrastructure bank the |
| resilient rhody infrastructure fund for the purpose of providing technical, administrative, and |
| financial assistance to local governmental units for resiliency and stormwater abatement projects. |
| The Rhode Island infrastructure bank shall review and approve all applications for projects to be |
| financed through the resilient rhody infrastructure fund. |
| The Rhode Island infrastructure bank shall promulgate rules and regulations to effectuate |
| the provisions of this section which may include, without limitation, forms for financial assistance |
| applications, loan agreements, and other instruments. All rules and regulations promulgated |
| pursuant to this chapter shall be promulgated in accordance with the provisions of chapter 35 of |
| title 42 ("administrative procedures"). |
| (b) The Rhode Island infrastructure bank shall have all the powers necessary and |
| convenient to carry out and effectuate the purposes and provisions of this section including, without |
| limiting the generality of the preceding statement, the authority: |
| (1) To receive and disburse such funds from the state and federal government as may be |
| available for the purpose of the fund subject to the provisions of this section; |
| (2) To make and enter into binding commitments to provide financial assistance to local |
| governmental units from amounts on deposit in the fund; |
| (3) To levy administrative fees on eligible borrowers as necessary to effectuate the |
| provisions of this section, provided the fees have been previously authorized by an agreement |
| between the Rhode Island infrastructure bank and the eligible borrower; |
| (4) To engage the services of third-party vendors to provide professional services; |
| (5) To establish one or more accounts within the fund; and |
| (6) Such other authority as granted to the Rhode Island infrastructure bank under this |
| chapter. |
| (c) Subject to the provisions of this section and to any agreements with the holders of any |
| bonds of the Rhode Island infrastructure bank or any trustee therefor, amounts held by the Rhode |
| Island infrastructure bank for the account of the fund shall be applied by the Rhode Island |
| infrastructure bank, either by direct expenditure, disbursement, or transfer to one or more other |
| funds and accounts held by the Rhode Island infrastructure bank or maintained under any trust |
| agreement pertaining to bonds, either alone or with other funds of the Rhode Island infrastructure |
| bank, to the following purposes: |
| (1) To provide financial assistance to local governmental units to finance costs of approved |
| projects, as set forth in subsection (a) of this section, and to refinance the costs of the projects, |
| subject to such terms and conditions, if any, as are determined by the Rhode Island infrastructure |
| bank; |
| (2) To fund reserves for bonds of the Rhode Island infrastructure bank and to purchase |
| insurance and pay the premiums therefor, and pay fees and expenses of letters or lines of credit and |
| costs of reimbursement to the issuers thereof for any payments made thereon or on any insurance, |
| and to otherwise provide security for, and a source of payment for obligations of the Rhode Island |
| infrastructure bank, by pledge, lien, assignment, or otherwise as provided in this chapter; |
| (3) To pay expenses of the Rhode Island infrastructure bank in administering the fund; |
| (4) To provide a reserve for, or to otherwise secure, amounts payable by borrowers on loans |
| and obligations outstanding in the event of default thereof; amounts in any account in the fund may |
| be applied to defaults on loans outstanding to the borrower for which the account was established |
| and, on a parity basis with all other accounts, to defaults on any loans or obligations outstanding; |
| and |
| (5) To provide a reserve for, or to otherwise secure, by pledge, lien, assignment, or |
| otherwise as provided in this chapter, any bonds of the Rhode Island infrastructure bank. |
| (d) In addition to other remedies of the Rhode Island infrastructure bank under any loan |
| agreement or otherwise provided by law, the Rhode Island infrastructure bank may also recover |
| from a borrower, in an action in superior court, any amount due the Rhode Island infrastructure |
| bank together with any other actual damages the Rhode Island infrastructure bank shall have |
| sustained from the failure or refusal of the borrower to make the payments or abide by the terms of |
| the loan agreement. |
| (e) The Rhode Island infrastructure bank may create one or more loan loss reserve funds |
| to serve as further security for any loans made by the Rhode Island infrastructure bank or any bonds |
| of the Rhode Island infrastructure bank issued to fund energy efficiency improvements in public |
| buildings in accordance with this section. |
| (f) To the extent possible, and in accordance with law, the Rhode Island infrastructure bank |
| shall encourage the use of project labor agreements for projects over ten million dollars |
| ($10,000,000) and local hiring on projects funded under this section. |
| SECTION 2. This act shall take effect upon passage. |
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| LC002931 |
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