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 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 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. Additionally, the bank may create loan loss reserve funds to serve as security for loans and bonds related to energy efficiency improvements in public buildings.

The Rhode Island Infrastructure Bank is also required to encourage the use of project labor agreements for projects exceeding $10 million and promote local hiring for projects funded under this section. The act will take effect upon passage.