The bill amends the Rhode Island General Laws to establish the "Resilient Rhody Infrastructure Fund" within the Rhode Island Infrastructure Bank. This fund is aimed at providing financial support to local governmental units for the development and implementation of risk interpretation tools that assist in quantifying financial risks and ensuring property insurability.

The Rhode Island Infrastructure Bank is tasked with reviewing and approving project applications and has the authority to receive and disburse funds, make binding commitments for financial assistance, levy administrative fees, and engage third-party vendors.

Additionally, the bill introduces a new section regarding the "Municipal Resilience Program," which allows local governmental units to utilize designated funds for various resiliency-related planning processes, including insurability planning.

The bill also amends the "Ocean State Climate Adaptation and Resilience Fund" (OSCAR Fund) to include provisions for the support, development, and implementation of risk interpretation tools and efforts to ensure property insurability. The OSCAR Fund will consist of appropriated sums, federal and state funds, and private donations, with specific allocations for administrative expenses and project funding.

Overall, the bill enhances the state's capacity to address climate change impacts through improved infrastructure resilience and financial planning.

Statutes affected:
7800: 46-12.2-4.4