§ 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.