Section 42-140.5-5 - Powers of the infrastructure bank and the office(a) The infrastructure bank, in consultation with the office, shall review and approve applications for financial assistance from the fund, subject to the availability of funds, upon the submission of a complete application from eligible entities to receive funds for a purpose consistent with this chapter.(b) The office, in consultation with the infrastructure bank, shall create a standard application and annual application deadlines to be used in the management of fund requests.(c) The office, upon a determination that an application is incomplete, may direct applicants to revise their application or deny the application after a reasonable opportunity for the applicant to provide additional information.(d) The infrastructure bank, in the event that there are insufficient funds to cover the costs of all projects that meet the criteria to be approved, shall follow the prioritized list prepared by the office in accordance with this chapter.(e) Approval of an application shall only occur if funds are currently available in the fund, or if the infrastructure bank reasonably expects that funds will be available in the six (6) months following the approval of an application.(f) The infrastructure bank, in consultation with the office, shall set an application fee, due upon submission, to cover the reasonable costs to the bank for the investigation and review of the application.R.I. Gen. Laws § 42-140.5-5
Added by 2024 Pub. Laws, ch. 314,§ 1, eff. 6/25/2024.Added by 2024 Pub. Laws, ch. 315,§ 1, eff. 6/25/2024.