The bill amends Section 42-11.4-1 of the General Laws in Chapter 42-11.4, which is titled "The Rhode Island Municipal Infrastructure Grant Program." The amendment includes the establishment of the Rhode Island municipal infrastructure grant program within the Rhode Island infrastructure bank. The bank is granted various powers to carry out the program's purposes, such as issuing grants for public infrastructure improvements, assisting municipalities with projects that support job creation and community development, establishing a fund for the program, making binding commitments for grants, engaging third-party vendors, and establishing accounts within the fund.

The bill also introduces a new provision, which reallocates the previously appropriated $5,500,000 from the 2023 budget act to the infrastructure bank for the municipal matching grant pool. This reallocation is specifically directed towards eligible municipal infrastructure grant program projects as described within the chapter. The act containing these amendments will take effect upon passage. The explanation by the legislative council clarifies that the appropriation is to be used solely for eligible projects under the municipal infrastructure grant program.

Statutes affected:
2549: 42-11.4-1