830 R.I. Code R. 830-RICR-10-05-3.7

Current through December 3, 2024

Section 830-RICR-10-05-3.7 - Grant Terms and Conditions and Reporting Requirements

A. The terms and conditions and reporting requirements for grants from the CEF will be established by the Bank and set forth in a grant agreement.

B. Construction Progress Payments

1. Progress payments for each construction Project will be made through a construction fund established for the CEF Program. Grant proceeds will be transferred monthly from the construction fund for each Borrower based upon approved Requisition Forms submitted to the Bank. Upon receipt of the Requisition Forms and all associated Requisition Documentation, the Bank will verify:

a. That the costs requisitioned for payment are in connection with the approved clean energy related infrastructure Project(s);

b. The vendor is identified in the contract; and

c. There is sufficient availability of funds approved for the Project to make the payment.

2. Payments will be made directly to the vendor and/or the Borrower for reimbursements by the Bank.

3. The Bank or its designee may perform periodic Project inspections to:

a. Monitor construction progress;

b. Verify eligibility of construction cost under the CEF; and

c. Ensure construction is in conformity with plans and specifications.

4. The Bank or its designee may perform a final Project inspection before the final payment is made by the Bank.

C. Applicants awarded grants from the CEF shall provide the Bank with information or reports that it may reasonably require during the period of the grant agreement.

830 R.I. Code R. 830-RICR-10-05-3.7

Adopted effective 2/19/2024