The bill amends Chapter 46-12.2 of the General Laws to establish the "Resilient Rhody Infrastructure Fund" within the Rhode Island Infrastructure Bank. This fund is created to provide technical, administrative, and financial assistance to local governmental units for resiliency and stormwater abatement projects. The Rhode Island Infrastructure Bank is responsible for reviewing and approving all applications for projects to be financed through this fund and is authorized to promulgate rules and regulations to implement the provisions of this section, including forms for financial assistance applications and loan agreements.

The bill grants the Rhode Island Infrastructure Bank various powers necessary to manage the fund effectively, including the authority to receive and disburse funds from state and federal sources, enter into binding commitments to provide financial assistance, levy administrative fees on eligible borrowers, engage third-party vendors for professional services, and establish one or more accounts within the fund.

Amounts held by the Rhode Island Infrastructure Bank for the fund are to be applied to provide financial assistance for approved projects, fund reserves for bonds, pay expenses related to administering the fund, and secure amounts payable by borrowers in the event of default. The bank may also create loan loss reserve funds to serve as security for loans and bonds related to energy efficiency improvements in public buildings.

Additionally, the bill encourages the use of project labor agreements for projects exceeding $10 million and promotes local hiring for projects funded under this section. The act will take effect upon passage.