§ 42-64.23-4 — § 42-64.23-4. Establishment of fund — Purposes — Composition.

Rhode Island § 42-64.23-4

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-64.23: First Wave Closing Fund

Text

§ 42-64.23-4. Establishment of fund — Purposes — Composition.

(a) There is hereby established the first wave closing fund (the "fund�) to be administered by the commerce corporation as set forth in this chapter.

(b) The purpose of the fund is to provide lynchpin financing unavailable from other sources, bringing to closure transactions that are of a critical or catalytic nature for Rhode Island's economy and communities.

(c) The fund shall consist of:

(1) Money appropriated in the state budget to the fund;

(2) Money made available to the fund through federal programs or private contributions;

(3) Repayments of principal and interest from loans made from the fund;

(4) Proceeds from the sale, disposition, lease, or rental of collateral related to financial assistance provided under this chapter;

(5) Application or other fees paid to the fund to process requests for financial assistance;

(6) Recovery made by the commerce corporation, or the sale of an appreciated asset in which the commerce corporation has acquired an interest under this chapter; and

(7) Any other money made available to the fund.

Legislative History

P.L. 2015, ch. 141, art. 19, § 6.