Section 830-RICR-10-40-1.4 - Financial AssistanceA. These Policies and Procedures govern the provision of financial assistance available to applicants for resiliency related infrastructure projects. Financial assistance may include grants, loans, below market interest rates, interest rate subsidies or other credit enhancements which reduce the cost of financing eligible projects. The amount of subsidy, if any, shall be determined by the Bank. At the discretion of the Bank, financially distressed Borrowers may receive financial assistance with a higher amount of subsidy as long as the additional subsidy does not have an adverse effect on other participants in the MRP; bond holders; other creditors of the Bank; or the finances of the Bank. In determining those Borrowers which qualify as "financially distressed", the Bank may consider the criteria set forth in R.I. Gen. Laws §§ 45-13-12(b)(1) through (4) as amended.B. Requests for financial assistance shall be submitted in writing by the Chief Executive Officer or other authorized officer of the applicant to the Executive Director of the Bank pursuant to the applicable requirements of §§2.6 or 2.7 of this Part.830 R.I. Code R. 830-RICR-10-40-1.4
Adopted effective 7/11/2023