(a)  There is hereby established the first wave closing fund (the “fund”) to be administered by the commerce corporation as set forth in this chapter.

Terms Used In Rhode Island General Laws 42-64.23-4

  • Commerce corporation: means the Rhode Island commerce corporation established by § 42-64-1 et seq. See Rhode Island General Laws 42-64.23-3
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

(b)  The purpose of the fund is to provide lynchpin financing unavailable from other sources, bringing to closure transactions that are of a critical or catalytic nature for Rhode Island’s economy and communities.

(c)  The fund shall consist of:

(1)  Money appropriated in the state budget to the fund;

(2)  Money made available to the fund through federal programs or private contributions;

(3)  Repayments of principal and interest from loans made from the fund;

(4)  Proceeds from the sale, disposition, lease, or rental of collateral related to financial assistance provided under this chapter;

(5)  Application or other fees paid to the fund to process requests for financial assistance;

(6)  Recovery made by the commerce corporation, or the sale of an appreciated asset in which the commerce corporation has acquired an interest under this chapter; and

(7)  Any other money made available to the fund.

History of Section.
P.L. 2015, ch. 141, art. 19, § 6.