§ 46-12.2-1. Legislative findings. (a) It is hereby found that there exists and will in the future exist within the state of Rhode Island the need to construct facilities and to facilitate projects for the abatement of pollution caused by wastewater for the enhancement of the waters of the state, and for the completion of renewable energy and energy efficiency projects in order to save property owners money and to encourage job and business growth in Rhode Island.

(b) It is hereby further found that to meet water quality goals under federal and state law, and to secure maximum benefit of funding programs available under federal and state law pertaining to wastewater pollution abatement projects, it is necessary to establish a revolving loan fund program in accordance with federal and state law to provide a perpetual source of low cost financing for water pollution abatement projects.

(c) It is hereby further found that to secure maximum benefit to the state from funding programs available under federal and state law and, to the extent permissible to attract private capital, for water pollution abatement projects, for safe drinking water projects, for municipal road and bridge projects, and other infrastructure related projects, it is necessary to establish a finance agency to administer the revolving loan funds and other financing mechanisms, and for the finance agency to work with the department of environmental management, Rhode Island department of transportation, the Rhode Island office of energy resources and other federal and state agencies for proper administration of revolving loan funds and other financing mechanisms.

(d) It is hereby further found that cities and towns can lower the costs of borrowing for road and bridge projects through cooperation with the Rhode Island infrastructure bank and that greater coordination among cities and towns will enable more efficient allocation of infrastructure resources by the state of Rhode Island.

(e) It is hereby further found that the geographic size of and population of Rhode Island, while often derided as an impediment to economic growth, are potential assets, not handicaps, to better infrastructure development.

(f) It is hereby further found that initiatives for infrastructure finance can best be accomplished through a new, streamlined entity that seeks to foster and develop a public-private sector partnership that takes advantage of all of Rhode Island's strengths.

(g) It is hereby further found that expanding the Rhode Island clean water finance agency and renaming it the Rhode Island infrastructure bank provides the best avenue for reducing ongoing pollution to the waters of the state and emissions that degrade air quality and contribute to climate change while fostering the creation of jobs and the realization of energy cost savings through the facilitation of infrastructure improvements.

History of Section. (P.L. 1989, ch. 303, § 2; P.L. 2001, ch. 144, § 4; P.L. 2001, ch. 163, § 4; P.L. 2015, ch. 141, art. 14, § 17.)