Municipal Road and Bridge Revolving Fund

SECTION 24-18-7

§ 24-18-7 Procedure for project approval.

(a) By September 1, 2013, the department shall promulgate rules and regulations establishing the project evaluation criteria and the process through which a city or town may submit an infrastructure plan. By December 31, 2013, the agency shall promulgate rules and regulations to effectuate the provisions of this chapter 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 42-35.

(b) Beginning with the calendar year 2013 and for each calendar year thereafter, cities and towns shall have from September 15th through October 15th to submit an infrastructure plan to the department. In the event that October 15th is a Saturday, Sunday, or a general holiday as enumerated in § 25-1-1, the deadline shall be extended through the next day that is not a Saturday, Sunday, or a general holiday as enumerated in § 25-1-1.

(c) By the end of each calendar year, the department shall evaluate all submitted infrastructure plans and, in accordance with the project evaluation criteria, identify all eligible projects, and after a public hearing, the department shall finalize and provide the agency and statewide planning with a project priority list for the forthcoming calendar year.

(d) By the end of each calendar year, the agency shall determine the maximum amount of financial assistance available for the forthcoming calendar year, provided that it shall not exceed an amount of twenty million dollars ($20,000,000); and provided further that the agency shall not obligate more than fifty percent (50%) of available funding in any calendar year to any one city or town unless there are no other eligible projects on the project priority list.

(e) Upon issuance of the project priority list, the agency shall award financial assistance to cities and towns for approved projects provided, however, that the agency does not exceed its maximum annual amount of financial assistance. The agency may decline to award financial assistance to an approved project which the agency determines will have a substantial adverse effect on the interests of holders of bonds or other indebtedness of the agency or the interests of other participants in the financial assistance program, or for good and sufficient cause affecting the finances of the agency. All financial assistance shall be made pursuant to a loan agreement between the agency and the city or town, acting by and through the officer or officers, board, committee, or other body authorized by law, or otherwise its chief executive officer, according to terms and conditions as determined by the agency, and each loan shall be evidenced and secured by the issue to the agency of city or town obligations in fully marketable form in principal amount, bearing interest at the rate or rates specified in the applicable loan agreement, and shall otherwise bear such terms and conditions as authorized by this chapter and/or the loan agreement.

History of Section.
(P.L. 2013, ch. 144, art. 20, § 1.)