The bill amends Chapter 46-12.2 of the General Laws by creating a new section titled "Establishment of the resilient rhody infrastructure fund." This fund is established within the Rhode Island Infrastructure Bank to provide technical, administrative, and financial assistance to local governmental units specifically for resiliency and stormwater abatement projects. The Rhode Island Infrastructure Bank is responsible for reviewing and approving all project applications for funding from this new fund and is authorized to promulgate necessary rules and regulations to facilitate the fund's operations.

The bill grants the Rhode Island Infrastructure Bank various powers to effectively manage the fund, including the ability to receive and disburse funds from state and federal sources, enter into binding commitments for financial assistance, and levy administrative fees on eligible borrowers. Additionally, the bank is empowered to create one or more loan loss reserve funds to serve as security for loans and bonds issued for energy efficiency improvements in public buildings. The Rhode Island Infrastructure Bank is also encouraged to promote the use of project labor agreements for projects exceeding $10 million and to support local hiring for projects funded under this section. The act will take effect upon passage.