Bill > S1070

This bill authorizes the Rhode Island Infrastructure Bank (RIIB) to establish the Resilient Rhody Infrastructure Fund, which will provide financial and technical assistance to local government units for resiliency and stormwater abatement projects. The fund will enable RIIB to receive state and federal funds, make financial commitments to local governments, levy administrative fees, and work with third-party vendors to support infrastructure improvements. RIIB will have broad powers to manage the fund, including creating loan accounts, establishing project reserves, and securing bonds. The fund can be used to finance project costs, pay administrative expenses, and provide financial security. Notably, the bill encourages the use of project labor agreements for projects over $10 million and promotes local hiring. The legislation also grants RIIB legal recourse to recover funds and damages if borrowers fail to meet loan agreement terms, and allows the creation of loan loss reserve funds to provide additional financial security for infrastructure and energy efficiency projects in public buildings.

Budget and Finance

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