Municipal Road and Bridge Revolving Fund

SECTION 24-18-3

§ 24-18-3. Definitions.

As used in this chapter, the following terms, unless the context requires a different interpretation, shall have the following meanings:

(1) "Agency" means the Rhode Island infrastructure bank as set forth in chapter 12.2 of title 46;

(2) "Annual construction plan" means the finalized list of approved projects to commence construction each calendar year;

(3) "Approved project" means any project approved by the agency for financial assistance;

(4) "Department" means the department of transportation, or, if the department shall be abolished, the board, body, or commission succeeding to the principal functions thereof or upon whom the powers given by chapter 5 of title 37 to the department shall be given by law;

(5) "Eligible project" means an infrastructure plan, or portion of an infrastructure plan, that meets the project evaluation criteria;

(6) "Financial assistance" means any form of financial assistance other than grants provided by the agency to a city or town in accordance with this chapter for all or any part of the cost of an approved project, including, without limitation, temporary and permanent loans, with or without interest, guarantees, insurance, subsidies for the payment of debt service on loans, lines of credit, and similar forms of financial assistance;

(7) "Infrastructure plan" means a project proposed by a city or town that would make capital improvements to roads, bridges, and appurtenances thereto consistent with project evaluation criteria;

(8) "Market rate" means the rate the city or town would receive in the open market at the time of the original loan agreement as determined by the agency in accordance with its rules and regulations;

(9) "Project evaluation criteria" means the criteria used by the department to evaluate infrastructure plans and rank eligible projects and shall include, but not be limited to:

(i) The extent to which the project generates economic benefits;

(ii) The extent to which the project would be able to proceed at an earlier date;

(iii) The likelihood that the project would provide mobility benefits;

(iv) The cost effectiveness of the project;

(v) The likelihood that the project would increase safety; and

(vi) The project's readiness to proceed within the forthcoming calendar year.

(10) "Project priority list" means the list of eligible projects ranked in the order in which financial assistance shall be awarded by the agency pursuant to § 24-18-7;

(11) "Revolving fund" means the municipal road and bridge revolving fund established under § 24-18-4; and

(12) "Subsidy assistance" means credit enhancements and other measures to reduce the borrowing costs for a city or town.

History of Section.
(P.L. 2013, ch. 144, art. 20, § 1; P.L. 2015, ch. 141, art. 14, § 2; P.L. 2017, ch. 480, § 1.)