Section 830-RICR-10-40-1.11 - Grant Terms and Conditions and Reporting RequirementsA. The terms and conditions and reporting requirements for grants from the Municipal Resilience Program will be established by the Bank and set forth in the grant agreement.B. Construction Progress Payments 1. Progress payments for each construction project will be made through a construction fund established for the MRP 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 resiliency related infrastructure project(s);b. The vendor is identified in the contract; andc. 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, and a "paid" stamped copy of the Requisition Form will be sent to the Borrower.3. The Bank or its designee may perform periodic project inspections to:a. Monitor construction progress;b. Verify eligibility of construction cost under the program; andc. Ensure construction is in conformity with Plans and Specifications.4. The Bank or its designee will perform a final project inspection before the final payment is made by the Bank.830 R.I. Code R. 830-RICR-10-40-1.11
Adopted effective 7/11/2023