(a)  The agency shall be the instrumentality of the state for administration of the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, and the local interest subsidy trust fund, and such other funds it holds or for which it is responsible, and, in conjunction with the department, is empowered to and shall take all action necessary or appropriate to secure to the state the benefits of title VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., and other federal or state legislation pertaining to the funds and to the financing of approved projects. Without limiting the generality of the foregoing and other powers of the agency provided in this chapter, the agency is empowered to and shall:

(1)  Cooperate with appropriate federal agencies in all matters related to administration of the water pollution control revolving fund and, pursuant to the provisions of this chapter, administer the fund and receive and disburse such funds from any such agencies and from the state as may be available for the purpose of the fund.

(2)  Administer the Rhode Island water pollution control revolving fund and the local interest subsidy trust fund, and receive and disburse such funds from the state as may be available for the purpose of the funds subject to the provisions of this chapter.

(3)  In cooperation with the department, prepare, and submit to appropriate federal agencies applications for capitalization grants under title VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., and enter into capitalization grant agreements, operating agreements, and other agreements with appropriate federal and state agencies, and accept and disburse, as provided herein, any capitalization grant awards made under title VI of the Clean Water Act, 33 U.S.C. § 1381 et seq.

(4)  Cooperate with the department in the preparation and submission to appropriate federal and state agencies of intended use plans identifying the use of capitalization grant awards and other moneys in the water pollution control revolving fund.

(5)  In cooperation with the department, prepare and submit to appropriate federal agencies, the department and the governor, annual and other reports and audits required by law.

(6)  Subject to the provisions of this chapter both to make, and enter into binding commitments to provide financial assistance to local governmental units, persons or corporations from amounts on deposit in the water pollution control revolving fund, the Rhode Island water pollution control revolving fund and from other funds of the agency; and to provide, and enter into binding commitments to provide subsidy assistance for loans, local governmental obligations and non-governmental obligations from amounts on deposit in the local interest subsidy trust fund.

(7)  Establish and maintain fiscal controls and accounting procedures conforming to generally accepted government accounting standards sufficient to ensure proper accounting for receipts in and disbursements from the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, the local interest subsidy trust fund and other funds it holds or for which it is responsible and, adopt such rules, regulations, procedures, and guidelines which it deems necessary to ensure that local governmental units, persons and corporations administer and maintain approved project accounts and other funds and accounts relating to financial assistance in accordance with generally accepted government accounting standards.

Terms Used In Rhode Island General Laws 46-12.2-6

  • Agency: means the Rhode Island clean water finance agency, and, effective September 1, 2015, and thereafter, shall mean the Rhode Island infrastructure bank;

    (2)  "Approved project" means any project or portion thereof that has been issued a certificate of approval by the department for financial assistance from the agency, and also includes any project approved for financial assistance from the agency in accordance with state law, and, furthermore, shall include water pollution abatement projects funded outside of the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, or the local interest subsidy trust fund, without the requirement of the issuance of a certificate of approval; and, furthermore, shall include resiliency related infrastructure projects, and projects which may, subject to compliance with all state and federal requirements, include state and federal infrastructure located within the state of Rhode Island;

    (3)  "Board" means the board of directors of the agency;

    (4)  "Bond act" means any general or special law authorizing a local governmental unit to incur indebtedness for all or any part of the cost of projects coming within the scope of a water pollution abatement project, or for other projects related to this chapter, including but not limited to, § 45-12-2;

    (5)  "Bonds" means bonds, notes, or other evidence of indebtedness of the agency;

    (6)  "Certificate of approval" means the certificate of approval contemplated by § 46-12. See Rhode Island General Laws 46-12.2-2

  • Corporation: means any corporate person, including, but not limited to: corporations, societies, associations, limited liability companies, partnerships, and sole proprietorships;

    (10)  "Cost" as applied to any approved project, means any or all costs, whenever incurred, approved by the agency in accordance with § 46-12. See Rhode Island General Laws 46-12.2-2

  • 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.
  • Department: means the department of environmental management;

    (12)  "Financial assistance" means any form of financial assistance provided by the agency to a local governmental unit, person, or corporation in accordance with this chapter for all or any part of the cost of an approved project, including, without limitation: grants, 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; provided, however, notwithstanding the foregoing, for purposes of capitalization grant awards made available to the agency, pursuant to the American Recovery and Reinvestment Act of 2009 (Pub. See Rhode Island General Laws 46-12.2-2

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Non-governmental obligations: means bonds, notes, or other evidences of indebtedness in fully marketable form issued by a person or corporation to evidence a loan, or other financial assistance, from the agency in accordance with this chapter or otherwise as provided herein;

    (22)  "Person" means any natural person;

    (23)  "Priority determination system" means the system by which water pollution abatement projects are rated on the basis of environmental benefit and other criteria for funding assistance pursuant to rules and regulations promulgated by the department as they may be amended from time to time;

    (24)  "Projected energy efficiency savings" means, at the time a loan agreement is entered into between the agency and a local governmental unit, the savings projected to be derived from the implementation of energy efficient and renewable-energy upgrades to public buildings, as determined in accordance with the rules and regulations promulgated by the Rhode Island infrastructure bank pursuant to this chapter;

    (25)  "Qualified energy conservation bond" or "QECB" means those bonds designated by 26 U. See Rhode Island General Laws 46-12.2-2

  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Rhode Island water pollution control revolving fund: means the Rhode Island water pollution control revolving fund established pursuant to § 46-12. See Rhode Island General Laws 46-12.2-2
  • Trust agreement: means a trust agreement, loan agreement, security agreement, reimbursement agreement, currency or interest rate exchange agreement, or other security instrument, and a resolution, loan order, or other vote authorizing, securing, or otherwise providing for the issue of bonds, loans, or local governmental obligations or non-governmental obligations;

    (29)  "Wastewater system revenues" means all rates, rents, fee assessments, charges, and other receipts derived or to be derived by a local governmental unit from wastewater collection and treatment facilities and water pollution abatement projects under its ownership or control, or from the services provided thereby, including, without limitation: proceeds of grants, gifts, appropriations, and loans, including the proceeds of loans or grants awarded by the agency or the department in accordance with this chapter, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation, and the sale or other disposition of property; wastewater system revenues may also include rates, rents, fees, charges, and other receipts derived by the local governmental unit from any water supply of distribution facilities or other revenue producing facilities under its ownership or control; wastewater system revenues shall not include any ad valorem taxes levied directly by the local governmental unit on any real and personal property;

    (30)  "Water pollution abatement project" or "project" means any project eligible pursuant to Title VI of the Clean Water Act including, but not limited to, a wastewater treatment or conveyance project that contributes to removal, curtailment, or mitigation of pollution of the surface water of the state, and conforms with any applicable comprehensive land use plan which has been adopted or any dam safety, removal or maintenance project; it also means a project to enhance the waters of the state, which the agency has been authorized by statute to participate in; it also means any other project to which the agency has been authorized to provide financial assistance;

    (31)  "Water pollution control revolving fund" means the water pollution control revolving fund contemplated by title VI of the Water Quality Act and established under § 46-12. See Rhode Island General Laws 46-12.2-2

  • Trustee: A person or institution holding and administering property in trust.
  • Water Quality Act: means the Water Quality Act of 1987, Pub. See Rhode Island General Laws 46-12.2-2

(b)  The agency shall establish and set up on its books a special fund, designated the water pollution control revolving fund, to be held in trust and to be administered by the agency solely as provided in this chapter and in any trust agreement securing bonds of the agency. The agency shall credit to the water pollution control revolving fund or one or more accounts therein:

(1)  All federal capitalization grant awards received under title VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., provided the agency shall transfer to the department the amount allowed by § 603(d)(7) of the Water Quality Act, 33 U.S.C. § 1383(d)(7), to defray administration expenses;

(2)  All amounts appropriated or designated to the agency by the state for purposes of the fund;

(3)  To the extent required by federal law, loan repayments and other payments received by the agency on any loans, local governmental obligations and non-governmental obligations;

(4)  All investment earnings on amounts credited to the fund to the extent required by federal law;

(5)  All proceeds of bonds of the agency to the extent required by any trust agreement for such bonds;

(6)  All other monies which are specifically designated for this fund, including, amounts from the Rhode Island Clean Water Act environmental trust fund, gifts, bequests, administrative, civil and criminal penalties, or other funds from any public or private sources; and

(7)(i)  Any other amounts required by the provisions of this chapter, agreement, or any other law or by any trust agreement pertaining to bonds to be credited to the fund or which the agency in its discretion shall determine to credit thereto.

(ii)  At the request of the governor, the agency shall take all action necessary to transfer the state’s allotment under title II of the Clean Water Act, 33 U.S.C. § 1281 et seq., for federal fiscal year 1989 and each federal fiscal year thereafter, to the purposes of the water pollution control revolving fund, provided that any portion of any allotment which, under the provisions of the Clean Water Act, 33 U.S.C. § 1251 et seq., may not be transferred to or used for the purposes of the water pollution control revolving fund, shall continue to be received and administered by the department as provided by law.

(c)  The agency shall establish and set up on its books a special fund, designated the Rhode Island water pollution control revolving fund, to be held in trust and to be administered by the agency solely as provided in this chapter and in any trust agreement securing bonds of the agency. The agency shall credit to the Rhode Island water pollution control revolving fund or one or more accounts therein:

(1)  All amounts appropriated or designated to the agency by the state for purposes of the fund;

(2)  At its discretion, and to the extent allowed by law, loan repayments and other payments received by the agency on any loans, local governmental obligations and non-governmental obligations;

(3)  At its discretion, all investment earnings and amounts credited to the fund;

(4)  All proceeds of bonds of the agency to the extent required by any trust agreement for such bonds;

(5)  All other monies which are specifically designated for this fund, including, amounts from the Rhode Island Clean Water Act environmental trust fund, gifts, bequests, administrative, civil and criminal penalties, or other funds from any public or private sources; and

(6)  Any other amounts required by provisions of this chapter or agreement, or any other law or any trust agreement pertaining to bonds to be credited to the fund or which the agency in its discretion shall determine to credit thereto.

(d)  Except to the extent limited by federal law, and subject to the provisions of this chapter, to the provisions of any agreement with the state authorized by § 46-12.2-7, and to any agreements with the holders of any bonds of the agency or any trustee therefor, amounts held by the agency for the account of either the water pollution control revolving fund or the Rhode Island water pollution control revolving fund shall be applied by the agency, either by direct expenditure, disbursement, or transfer to one or more other funds and accounts held by the agency or maintained under any trust agreement pertaining to bonds, either alone or with other funds of the agency, to the following purposes:

(1)  To provide financial assistance to a local governmental unit or corporation to finance costs of approved projects, and to refinance the costs of the projects, subject to such terms and conditions, if any, as are determined by the department and/or the agency in accordance with § 46-12.2-8;

(2)  To purchase or refinance debt obligations of a local governmental unit or corporation, or to provide guarantees, insurance or similar forms of financial assistance for the obligations;

(3)  To fund reserves for bonds of the agency and to purchase insurance and pay the premiums therefor, and pay fees and expenses of letters or lines of credit and costs of reimbursement to the issuers thereof for any payments made thereon or on any insurance, and to otherwise provide security for, and a source of payment for, by pledge, lien, assignment, or otherwise as provided in § 46-12.2-14, bonds of the agency issued in accordance with this chapter; and

(4)(i)  To pay expenses of the agency and the department in administering the funds and the financial assistance programs of the agency authorized by this chapter. As part of the annual appropriations bill, the department shall set forth the gross amount of expenses received from the agency and a complete, specific breakdown of the sums retained and/or expended for administrative expenses.

(ii)  By way of illustration, not by limitation, in the personnel area, the breakdown of administrative expenses should contain the number of personnel paid, the position numbers of the personnel, and whether or not the position is a new position or a position which had been funded previously by federal funds or a position which had been previously created but unfunded.

(e)  The agency shall also establish and set up on its books a special fund, designated the local interest subsidy trust fund, to be held in trust and to be administered by the agency solely as provided in this chapter and in any trust agreement securing bonds of the agency. The agency may maintain a separate account in the local interest subsidy trust fund for each local governmental unit or corporation which has received a loan from the agency, in accordance with this chapter, to separately account for or otherwise segregate all or any part of the amounts credited to the fund and receipts in and disbursements from the fund. To the extent that the agency is required by this chapter, by any loan agreement or by any trust agreement, it shall, and, to the extent that it is permitted, it may in its discretion, credit to the local interest subsidy trust fund, and to one or more of the accounts or subaccounts therein:

(1)  All amounts appropriated or designated to the agency by the state for purposes of the fund;

(2)  Loan repayments and other payments received on loans, local governmental obligations, and non-governmental obligations;

(3)  Investment earnings on amounts credited to the local interest subsidy trust fund;

(4)  Proceeds of agency bonds;

(5)  All other monies which are specifically designated for this fund including, amounts from the Rhode Island Clean Water Act environmental trust fund, gifts, bequests, administrative, civil and criminal penalties, or other funds from any public or private sources; and

(6)  Any other amounts permitted by law.

(f)  Subject to any agreement with the state authorized by § 46-12.2-7, to the provisions of § 46-12.2-8, and to any agreement with the holders of any bonds of the agency or any trustee therefor, amounts held by the agency for the account of the local interest subsidy trust fund shall be applied by the agency, either by direct expenditure, disbursement, or transfer to one or more other funds and accounts held by the agency or maintained under any trust agreement pertaining to bonds, either alone or with other funds of the agency, to the following purposes:

(1)  To pay or provide for all or a portion of the interest otherwise payable by local governmental units, persons or corporations on loans, local governmental obligations, and non-governmental obligations, in the amounts and on terms determined by the agency in accordance with § 46-12.2-8;

(2)  To provide a reserve for, or to otherwise secure, amounts payable by local governmental units, persons or corporations on loans, local governmental obligations and non-governmental obligations outstanding in the event of default thereof; amounts in any account in the local interest subsidy trust fund may be applied to defaults on loans outstanding to the local governmental unit, person or corporation for which the account was established and, on a parity basis with all other accounts, to defaults on any loans, local governmental obligations, or non-governmental obligations outstanding; and

(3)  To provide a reserve for, or to otherwise secure, by pledge, lien, assignment, or otherwise as provided in § 46-12.2-14, any bonds of the agency.

(g)  Subject to any express limitation of this chapter pertaining to expenditure or disbursement of funds or accounts held by the agency, funds or accounts held by the agency may be transferred to any other fund or account held by the agency and expended or disbursed for purposes permitted by the fund or account.

History of Section.
P.L. 1989, ch. 303, § 2; P.L. 1993, ch. 259, § 2; P.L. 2015, ch. 141, art. 14, § 17.