The bill amends Chapter 46-12.2 of the General Laws, establishing the "Resilient Rhody Infrastructure Fund" within the Rhode Island Infrastructure Bank. This fund is designed to provide technical, administrative, and financial assistance to local governmental units specifically for resiliency and stormwater abatement projects. The Rhode Island Infrastructure Bank is tasked with reviewing and approving project applications, as well as promulgating necessary rules and regulations to facilitate the fund's operations. The bank will have the authority to receive and disburse funds, enter into binding commitments for financial assistance, levy administrative fees, and engage third-party vendors for professional services.

Additionally, the bill outlines the purposes for which the funds can be applied, including financing approved project costs, funding reserves for bonds, and covering administrative expenses. It also allows the bank to recover amounts due from borrowers through legal action if necessary. The legislation encourages the use of project labor agreements and local hiring for projects exceeding $10 million. This act will take effect upon passage, aiming to enhance the state's infrastructure resilience against stormwater challenges.