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 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 all project applications for funding from this new fund and is authorized to create rules and regulations to facilitate the fund's operations, including the development of financial assistance application forms and loan agreements.

The bill grants the Rhode Island Infrastructure Bank various powers to effectively manage the fund, including the authority to receive and disburse state and federal funds, enter into binding commitments for financial assistance, levy administrative fees on eligible borrowers, engage third-party vendors for professional services, and establish one or more accounts within the fund. The bank is also permitted to create loan loss reserve funds to serve as security for loans and bonds related to energy efficiency improvements in public buildings.

Additionally, the bill specifies that amounts held by the Rhode Island Infrastructure Bank for the fund shall be applied to provide financial assistance for approved projects, fund reserves for bonds, pay expenses of the bank in administering the fund, and secure amounts payable by borrowers in the event of default. The Rhode Island Infrastructure Bank may recover any amounts due from borrowers through legal action.

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