Section 490-RICR-00-00-7.7 - Requirements for Water Quality Protection FundsA. The following requirements, in addition to any terms and conditions established by the Bank, as may be applicable to each supplier through the proceedings authorizing the issuance of bonds or through any supplier agreements related thereto, are conditions for approval of each disbursement of funds to a supplier from the Bank WQPC Fund and precedent to each expenditure made pursuant to a supplier agreement:1. The supplier shall certify that they have completed and kept current a water quality protection component consistent with and in compliance with the requirements of R.I. Gen. Laws §§ 46-15.3-7 and 46-15.3-5.1, as amended.2. All expenditures financed through the Bank WQPC Fund shall conform to all applicable requirements of federal, state, and local laws, ordinances, rules and regulations.3. For acquisition of land or rights in land, the supplier must submit the following required documentation to the Board for approval:a. Supplier Time Schedule - Each supplier must submit an initial acquisition time schedule to the Board, and the Bank. The schedule must set forth the proposed acquisitions and the approximate period in which each acquisition will be completed. The schedule shall be updated by the supplier from time to time as said schedule changes or as may be requested by the Board or the Bank.b. Appraisal - A real property appraisal, conducted by a real estate appraiser licensed by the state in which the real property is located, which establishes the fair market value for the land the supplier is seeking disbursement of funds for. The appraisal must comply with the Uniform Standards of Professional Appraisal Practice, as established by the Appraisal Standards Board of the Appraisal Foundation, and the Uniform Appraisal Standards for Federal Land Acquisitions, if applicable. The Board or its designee shall conduct a review of the appraisal and shall notify the supplier of acceptance or rejection of the appraisal. Any rejection shall clearly set forth the reasons for such rejection and the Board or its designee shall be available to discuss any such appraisal with a supplier.c. Purchase and Sale Contract - A fully executed purchase and sale contract by and between the supplier and all sellers involved in an acquisition shall be submitted to the Board. The purchase and sale contract shall contain warranties that certify that the property is compliant with all federal, State and local environmental requirements, which warranties shall survive the closing on the property. The purchase and sale contract shall otherwise be in form and substance satisfactory to the Board. A Certificate of Disclosure, identifying all individuals and entities having a legal interest in the property must accompany the purchase and sale contract.d. Survey - A Class I Survey performed by a registered land surveyor shall be submitted to the Board. The survey shall show the property bounds of the property to be acquired, identifying any deletions from the property, easements, rights-of-way or encumbrances. The registered surveyor shall stamp the survey. The survey must be conducted in conformance with the Procedural and Technical Standards for the Practice of Land Surveyors in the state in which the property is located. Three (3) survey copies will be submitted to the Board.(1) The survey map shall: (AA) Have a traverse closure of 1:10,000 feet.(BB) Provide sufficient documentation to reproduce the survey.(CC) Meet all requirements of the respective city or town zoning ordinance and any applicable subdivision regulations.(DD) Be submitted in a form suitable for recording in the land evidence records of the respective city or town.(i) The surveyor must also supply a metes-and-bounds property description and a Surveyor's Report adequate in form and substance for issuance of title insurance for the property.e. Title Insurance Commitment - A title insurance commitment from a title insurance company providing for clear title to the supplier upon acquisition of the property. The commitment shall set forth all encumbrances that do not have a material effect upon the interest the supplier is acquiring.f. Deed or Easement Documentation - The proposed deed or conservation easement for the proposed acquisition. The deed or easement must provide that the land being acquired shall be maintained in perpetuity in a manner that protects the quality of raw water of the supplier's water supply system. The deed or easement shall perpetually restrict the property to ensure that the property is conserved for the purposes set forth herein and shall permit a transfer of the property only to a successor in function of the supplier.g. Supplier Resolution - A Certified Resolution or other similar authorizing document of the governing board of the supplier authorizing the acquisition.h. Environmental Site Assessment - In the sole discretion of the Board, the supplier may be required to submit an environmental site assessment. The site assessment must meet the guidelines set by the Rhode Island Society of Environmental Professionals or the applicable state regulatory requirements if the property is not located in Rhode Island. The Board shall approve or reject any documentation submitted pursuant to this subsection within 30 days of submission.4. For acquisition of land or rights in land under § 7.6(D)(2) of this Part which are reimbursements, the Supplier shall submit documentation to the Board sufficient to evidence the closing of the acquisition of the land or rights in land by the Supplier.5. For non-land acquisition projects, the supplier must submit documentation acceptable to the board.490 R.I. Code R. 490-RICR-00-00-7.7
Amended effective 12/19/2018
Amended effective 2/14/2019