TITLE 46
Waters and Navigation

CHAPTER 46-12.2
Rhode Island Infrastructure Bank

SECTION 46-12.2-7


§ 46-12.2-7. Payment of state funds – Agreement between agency and department.

(a) Subject to the provisions of subsection (d) of this section, upon the written request of the agency, the state general treasurer shall pay to the agency, from time to time, from the proceeds of any bonds or notes issued by the state for the purposes of this chapter or funds otherwise lawfully payable to the agency for the purposes of this chapter, amounts equal to twenty percent (20%) of each federal capitalization grant award received or expected to be received by the agency under title VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., plus such other amounts as shall have been appropriated or lawfully designated. All amounts so paid to the agency shall be credited to the water pollution control revolving fund to be applied as provided in § 46-12.2-6.

(b) Subject to the provisions of subsection (d), upon the written request of the agency, the state general treasurer shall pay to the agency, from time to time, from the proceeds of any bonds or notes issued by the state for the purposes of this chapter or funds otherwise lawfully payable to the agency for the purposes of this chapter, such amounts as shall have been appropriated or lawfully designated to meet the requirements of the local interest subsidy trust fund. All amounts so paid shall be in addition to any other amounts credited or expected to be credited to such fund, and shall be credited to the local interest subsidy trust fund.

(c) Subject to the provisions of subsection (d), upon the written request of the agency, the state general treasurer shall pay to the agency, from time to time, from the proceeds of any bonds or notes issued by the state for the purposes of this chapter or funds otherwise lawfully payable to the agency for the purposes of this chapter, such amounts as shall have been appropriated or lawfully designated for the Rhode Island water pollution control revolving fund. All amounts so paid to the agency shall be credited to the Rhode Island water pollution control revolving fund.

(d) The director of the department and the governor shall enter into, execute, and deliver one or more agreements with the agency setting forth or otherwise determining the terms, conditions, and procedures for, and the amount, time, and manner of payment of, all amounts available from the state to the agency under this section. The agreement or agreements may include such covenants and undertakings of the state, the agency, and the department as the governor, the agency, and the director of the department deem reasonable, including, without limitation, provision for payments by the state in advance of receipt of federal capitalization grant awards, or the execution and delivery of loan agreements by the agency and covenants and undertakings by the state to make payments in the future of amounts appropriated by the state when required by the agency or by the provisions of any trust agreement securing bonds. The agreement or agreements may also include provisions consistent with this chapter governing the application by the agency of amounts appropriated or designated by the state to the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, and the local interest subsidy trust fund and the remedies of the agency provided in § 46-12.2-8(h).

History of Section.
(P.L. 1989, ch. 303, § 2.)