Title 46
Waters and Navigation

Chapter 12.2
Rhode Island Infrastructure Bank

§ 46-12.2-4. General powers and duties of agency.

(a) The agency shall have all powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, chapter 18 of title 24 and chapter 26.5 of title 39, including without limiting the generality of the foregoing, the powers and duties:

(1) To adopt and amend bylaws, rules, regulations, and procedures for the governance of its affairs, the administration of its financial assistance programs, and the conduct of its business;

(2) To adopt an official seal;

(3) To maintain an office at such place or places as it may determine;

(4) To adopt a fiscal year;

(5) To adopt and enforce procedures and regulations in connection with the performance of its functions and duties;

(6) To sue and be sued;

(7) To employ personnel as provided in § 46-12.2-5, and to engage accounting, management, legal, financial, consulting and other professional services;

(8) Except as provided in this chapter, to receive and apply its revenues to the purposes of this chapter without appropriation or allotment by the state or any political subdivision thereof;

(9) To borrow money, issue bonds, and apply the proceeds thereof, as provided in this chapter, chapter 19.16 of title 23, chapter 18 of title 24 and chapter 26.5 of title 39, and to pledge or assign or create security interests in revenues, funds, and other property of the agency and otherwise as provided in this, chapter 19.16 of title 23, chapter 18 of title 24 and chapter 26.5 of title 39, to pay or secure the bonds; and to invest any funds held in reserves or in the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, the municipal road and bridge fund established under chapter 18 of title 24, any other funds established in accordance with this chapter, or the local interest subsidy trust fund, or any revenues or funds not required for immediate disbursement, in such investments as may be legal investments for funds of the state;

(10) To obtain insurance and to enter into agreements of indemnification necessary or convenient to the exercise of its powers under this, chapter 19.16 of title 23, chapter 18 of title 24 and chapter 26.5 of title 39;

(11) To apply for, receive, administer, and comply with the conditions and requirements respecting any grant, gift, or appropriation of property, services, or moneys;

(12) To enter into contracts, arrangements, and agreements with other persons, and execute and deliver all instruments necessary or convenient to the exercise of its powers under this, chapter 19.16 of title 23, chapter 18 of title 24 and chapter 26.5 of title 39; such contracts and agreements may include without limitation, loan agreements with a local governmental unit, person or corporation, capitalization grant agreements, intended use plans, operating plans, and other agreements and instruments contemplated by title VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., or this chapter, agreement and instruments contemplated by chapter 18 of title 24, grant agreements, contracts for financial assistance or other forms of assistance from the state or the United States, and trust agreements and other financing agreements and instruments pertaining to bonds;

(13) To authorize a representative to appear on its own behalf before other public bodies, including, without limiting the generality of the foregoing, the congress of the United States, in all matters relating to its powers and purposes;

(14) To provide financial assistance to a local governmental unit, person, or, to a corporation to finance costs of approved projects, and to thereby acquire and hold local governmental obligations and non-governmental obligations at such prices and in such manner as the agency shall deem advisable, and sell local governmental obligations and non-governmental obligations acquired or held by it at prices without relation to cost and in such manner as the agency shall deem advisable, and to secure its own bonds with such obligations all as provided in this chapter, chapter 19.16 of title 23, chapter 18 of title 24 and chapter 26.5 of title 39. Furthermore, in connection with a recommendation by the Rhode Island commerce corporation, this power shall include the power to designate a commercial project as a high priority, and to provide that project with financial assistance as soon as practicable;

(15) To establish and collect such fees and charges as the agency shall determine to be reasonable;

(16) To acquire, own, lease as tenant, or hold real, personal or mixed property or any interest therein for its own use; and to improve, rehabilitate, sell, assign, exchange, lease as landlord, mortgage, or otherwise dispose of or encumber the same;

(17) To do all things necessary, convenient, or desirable for carrying out the purposes of this chapter and chapter 18 of title 24 or the powers expressly granted or necessarily implied by this chapter, chapter 19.16 of title 23, chapter 18 of title 24 and chapter 26.5 of title 39;

(18) To conduct a training course for newly appointed and qualified members and new designees of ex-officio members within six (6) months of their qualification or designation. The course shall be developed by the executive director, approved by the board of directors, and conducted by the executive director. The board of directors may approve the use of any board of directors or staff members or other individuals to assist with training. The training course shall include instruction in the following areas: the provisions of this chapter, chapter 46 of title 42, chapter 14 of title 36, and chapter 2 of title 38; and the agency’s rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act [July 15, 2005], prepare and disseminate, training materials relating to the provisions of chapter 46 of title 42, chapter 14 of title 36, and chapter 2 of title 38; and

(19) Upon the dissolution of the water resources board (corporate) pursuant to § 46-15.1-22, to have all the powers and duties previously vested with the water resources board (corporate), as provided pursuant to chapter 15.1 of this title.

(20) To meet at the call of the chair at least eight (8) times per year. All meetings shall be held consistent with chapter 46 of title 42.

(21) To be the sole issuer of QECBs from the state of Rhode Island’s allocation, including any portions of which have been reallocated to the state by local governments, for any project authorized to be financed with the proceeds thereof under the applicable provisions of 26 U.S.C. § 54D [repealed].

(b) Notwithstanding any other provision of this chapter, the agency shall not be authorized or empowered:

(1) To be or to constitute a bank or trust company within the jurisdiction or under the control of the department of banking and insurance of the state, or the commissioner thereof, the comptroller of the currency of the United States of America, or the Treasury Department thereof; or

(2) To be or constitute a bank, banker or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers’ law of the United States or the state.