reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.4 - Loan Application

Current through June 14, 2024
A. Requests for financing should be submitted in writing by the Chief Executive Officer or other authorized officer of the Borrower to the Executive Director of the Bank. The written request shall include:
1. A description of the project to be financed with the projected construction and completion schedule. In the case of a refinancing, a description of the completed project and the terms and sources of previous financing.
2. A description of the dedicated source of loan repayment, i.e., general revenues or drinking water revenues.
3. A description of the overall operations of the Borrower, including but not limited to the most recent annual report or audited financials, with an emphasis on:
a. legal structure;
b. management;
c. sources of revenues;
d. operating expenses;
e. operating surpluses or deficits;
f. actual results versus budget; and
g. sources of financial liquidity.
4. Legal authority or authorities to construct, finance and operate the project.
5. The past five years Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards or Generally Accepted Accounting Principals; or other historical financial information that the Bank deems appropriate.
6. Financial and demographic information.
7. For revenue bonds, financial projections over the life of the financing showing sources of revenues, operating expenses, capital replacement reserves, user fee impact analysis, and cash available for debt service.
8. A copy of the Infrastructure Replacement Plan component of the Water Supply Management Plan if applicable.
9. An application that proposes to purchase an existing water system must be accompanied by a certification of the water system's integrity by a registered professional engineer. A certification as to the appraised value of the system must also be provided. The Bank reserves the right to review this certification and request further data for analysis.
10. Such other information as the Bank may reasonably require.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.5 - Loan Approval Process

Current through June 14, 2024
A. Loan approvals are subject to the following terms:
1. That all projects to be funded appear on the Rhode Island Department of Health ("RIDOH") Project Priority List and have Certificates of Approval issued.
2. That the loan complies with all federal, state and Bank laws, rules and regulations.
3. That the loan and debt service requirements be approved by any applicable regulatory Agency.
4. That a satisfactory loan agreement be signed by all parties to the transaction.
5. That the loan will be made subject to availability of funds as related to the Bank's capacity; and that the loan will be made subject to ranking on RIDOH's Project Priority List.
6. The Bank will conduct a financial analysis for each loan application which may include, but not be limited to:
a. sources of revenue and financial liquidity
b. historical and projected financial operating results
c. present and future debt service requirements
d. current assignment of water rates and other revenues generated from user fees
e. ability to increase water rates and/or secure alternative revenue sources
f. cost of the project and estimated completion schedule
g. long term capital replacement planning
h. socioeconomic conditions and trends
i. management qualifications and experience
j. effects of legal structure and any regulator control
k. a Consulting Engineer's Water Facility and Financial Feasibility Report, if applicable
l. history of applicant/system
m. any other information that the Bank or its Board of Directors may require.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.7 - Reporting Requirements

Current through June 14, 2024
A. Borrowers will be required to provide information to the Bank during the life of the loan, including, but not limited to:
1. A copy of its Annual Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards annually within nine (9) months of end of fiscal year.
2. An annual analysis of operating revenues and expenses, including without limitation, a description of the status of the water system user fee revenues and/or general revenues and operating expenses in excess of budget and a schedule of current and projected user rates.
3. A copy of the annual budget of the Borrower, within fifteen (15) days of its adoption.
4. Annual schedule of current and projected short term and long term debt service.
5. An annual schedule of Infrastructure Replacement Reserves.
6. Copies of reports submitted to RIDOH, Rhode Island Department of Environmental Management, the US Environmental Protection Agency, the Rhode Island Public Utilities Commission and any other regulatory agency relating to the projects financed and the operation of the water supply facility.
7. Other information or reports that the Bank deems appropriate.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.8 - Loan Agreements

Current through June 14, 2024
There will be a Loan Agreement with the Borrower outlining the terms and conditions of the Bank's loan. The Borrower's repayment obligation to the Bank under the agreement will be evidenced by a bond(s) of the Borrower outlining the loan's specific terms and conditions. The bonds shall be in fully marketable form, accompanied by documentation, in form and substance satisfactory to the Bank and an opinion, in form and substance satisfactory to the Bank, of nationally recognized bond counsel as to its valid authorization, execution, delivery and enforceability, as well as its federal and state tax consequences, and may include an opinion that the bonds are not private activity bonds within the meaning of Section 141 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.9 - Compliance with State and Federal Law

Current through June 14, 2024
The Borrower must comply with all applicable state laws and regulations. Recipients of loans must also comply with all requirements of  42 U.S.C. §
											300  et seq. and regulations and guidance issued thereunder in addition to any other applicable federal laws and regulations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.10 - Modifications

Current through June 14, 2024
Where deemed appropriate by the Bank, waiver or variation of any provisions herein may be made or additional requirements may be added.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 10 - Water › Part 1 - Drinking Water State Revolving Fund Loan Policies and Procedures › Section 830-RICR-10-10-1.11 - Severability

Current through June 14, 2024
If any provision of this Part or the application thereof to any local government unit, or privately organized water supplier is held invalid by a court of competent jurisdiction, the remainder of the rules and regulations shall not be affected thereby. The invalidity of any section or sections or parts of any section or sections shall not affect the validity of the remainder of this Part.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.1 - Purpose

Current through June 14, 2024
The within Loan Policies and Procedures of Rhode Island Infrastructure Bank (the "Bank") have been established to govern the lending activities of the Water Pollution Control Revolving Fund and the Rhode Island Water Pollution Control Revolving Fund in accordance with the State Water Pollution Control Revolving Funds,  33 U.S.C. §§
											1381 to  1388  and R.I. Gen. Laws Chapter 46-12.2 as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.2 - Definitions

Current through June 14, 2024
Except as otherwise defined herein, the words and phrases used within these Loan Policies and Procedures have the same meaning as the words and phrases have in R.I. Gen. Laws Chapter 46-12.2 as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.3 - Financial Assistance

Current through June 14, 2024
These Policies and Procedures govern the provision of financial assistance to local governmental units, persons or corporations (collectively "Borrowers") to finance costs of approved water pollution abatement projects in the form of loans with below market interest rates or interest rate subsidies which reduce the cost of financing these projects by at least 33%. Financially distressed Borrowers may receive financial assistance greater than 33% as long as these loans do not have an adverse effect on other participants in the loan programs of the Bank; bond holders; other creditors of the Bank; or the finances of the Bank. In determining those Borrowers that 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.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.4 - Loan Application

Current through June 14, 2024
A. Requests for financing should be submitted in writing by the Chief Executive Officer or other authorized officer of the Borrower to the Executive Director of the Bank. The written request shall include:
1. A description of the project to be financed with the projected construction and completion schedule. In the case of a refinancing, a description of the completed project and the terms and source of previous financing.
2. A description of the dedicated source of loan repayment, i.e., general revenues, or wastewater system revenues
3. A description of the overall operations of the Borrower, including but not limited to the most recent annual report or audited financials, with an emphasis on
a. legal structure;
b. management;
c. sources of revenues;
d. operating expenses;
e. operating surpluses or deficits;
f. actual results versus budget; and
g. sources of financial liquidity.
4. Legal authority or authorities to construct, finance and operate the project.
5. The past five years Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards.
6. Financial and demographic information.
7. For revenue bonds, financial projections over the life of the financing showing sources of revenues, operating expenses, capital replacement reserves, user fee impact analysis, and cash available for debt service.
8. Such other information as the Bank may reasonably require.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.5 - Loan Approval Process

Current through June 14, 2024
A. Loan approvals are subject to the following terms:
1. that all projects to be funded appear on the Rhode Island Department of Environmental Management's ("RIDEM") Project Priority List and have Certificates of Approval issued;
2. that the loan comply with all federal, state and Bank laws, rules and regulations;
3. that the loan and debt service requirements be approved by any applicable regulatory Agency;
4. that a satisfactory loan agreement be signed by all parties to the transaction;
5. that the loan will be made subject to availability of funds as related to the Bank's capacity; and that the loan will be made subject to ranking on RIDEM's Project Priority List.
6. The Bank will conduct a financial analysis for each loan application which may include, but not be limited to:
a. sources of revenue and financial liquidity
b. historical and projected financial operating results
c. present and future debt service requirements
d. impact of dedicated user fees and/or general revenues
e. cost of the project and completion schedule
f. long term capital replacement planning
g. socioeconomic conditions and trends
h. management qualifications and experience
i. effects of legal structure and any regulator control
j. any other information that the Bank or its Board of Directors may require.
7. In addition, the Bank may take into consideration the Affordability Criteria established by the Bank and RIDEM posted on the Bank's website.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.6 - Terms and Conditions

Current through June 14, 2024
A. Borrowing Rate - The stated interest rate on the Borrower bond, which is the Borrower's market rate (the "Market Rate"), is the prevailing market taxable or tax-exempt interest rate for issuers of comparable creditworthiness to the Borrower, as determined by the Bank on the advice of the Financial Advisor after consultation with the Borrower. Subject to adjustment by the Bank from time to time, the subsidized interest rate for the Loan is 66 2/3% of the Market Rate (the "Subsidized Interest Rate"). The Borrower will be obligated by the Borrower bond to pay the Market Rate, but will be billed only for the Subsidized Interest Rate. If the Borrower or other borrowers of the Bank should default in timely payment of debt service on the Loan or on the loans made to such other borrowers of the Bank, the Bank may require the Borrower to pay up to the Market Rate on the Borrower Bond.
1. Interest is to be calculated based on a 360-day year and twelve thirty-day months, and may be capitalized during construction. Interest payments are semi-annually on March 1 and September 1.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.7 - Reporting Requirements

Current through June 14, 2024
A. Borrowers will be required to provide information to the Bank during the life of the loan, including, but not limited to:
1. A copy of its Annual Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards, annually within nine months of end of fiscal year.
2. An annual analysis of operating revenues and expenses, including without limitation, a description of the status of the dedicated wastewater system revenues and/or general revenues and operating expenses in excess of budget and a schedule of current and projected user rates.
3. A copy of the annual budget of the Borrower, within fifteen days of its adoption.
4. An annual schedule of current and projected short term and long term debt service.
5. An annual schedule of Capital Replacement Reserves.
6. Copies of reports submitted to RIDEM, the Environmental Protection Agency ("EPA") and any other regulatory agency relating to the projects financed by the Bank or the operation thereof.
7. Other information or reports that the Bank deems appropriate.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.8 - Loan Agreements

Current through June 14, 2024
There will be a Loan Agreement with the Borrower outlining the terms and conditions of the Bank's loan. The Borrower's repayment obligation to the Bank under the agreement will be evidenced by a bond(s) of the Borrower outlining the loan's specific terms and condition. The bonds shall be in fully marketable form, accompanied by documentation, in form and substance satisfactory to the Bank and an opinion, in form and substance satisfactory to the Bank, of nationally recognized bond counsel satisfactory to Bank as to its valid authorization, execution, delivery and enforceability, as well as its federal and state tax consequences, and may include an opinion that the bonds are not private activity bonds within the meaning of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code")  26 U.S.C. §
											141.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.9 - Compliance with State and Federal Law

Current through June 14, 2024
A. The Borrower must comply with all applicable state laws and regulations. Recipients of loans must also comply with all requirements of  33 U.S.C. §§
											1381 to  138  and regulations and guidance issued thereunder in addition to any other applicable federal laws and regulations.
B. In addition, the Borrower must agree to take all action, or refrain from taking any action, that would cause interest on any obligations of the Bank to be included, for federal income tax purposes, in the gross income of the holders of such obligations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.10 - Modifications

Current through June 14, 2024
Where deemed appropriate by the Bank, waiver or variation of any provisions herein may be made or additional requirements may be added.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1) › Section 830-RICR-10-15-1.11 - Severability

Current through June 14, 2024
If any provision of these rules and regulations or the application thereof to any local government unit, person, or corporation is held invalid by a court of competent jurisdiction, the remainder of the rules and regulations shall not be affected thereby. The invalidity of any section or sections or parts of any section or sections shall not affect the validity of the remainder of these rules and regulations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.1 - Purpose

Current through June 14, 2024
These Loan Policies and Procedures of the Rhode Island Infrastructure Bank (the "Bank") have been established to govern the lending activities between the Bank and local governmental units in the State of Rhode Island in connection with the Facilities Plan Loan Program (FPLP) under and pursuant to R.I. Gen. Laws Chapter 46-12.2, as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.2 - Definitions

Current through June 14, 2024
A. Except as otherwise defined herein, the words and phrases used within these Loan Policies and Procedures have the same meaning as the words and phrases have in R.I. Gen. Laws Chapter 46-12.2, as amended.
B. "Facility plan" means any of the following: municipal stormwater management plans; water pollution abatement project facilities plans; wastewater treatment facility energy efficiency and generation plans; wastewater treatment facility resiliency plans; local governmental unit total maximum daily load implementation plans; municipal stormwater utility development plans and amendments or updates to such plans.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.3 - Financial Assistance

Current through June 14, 2024
These Loan Policies and Procedures govern the provision of financial assistance to local governmental units for municipal stormwater management plans; water pollution abatement project facilities plans; wastewater treatment facility energy efficiency and generation plans; wastewater treatment facility resiliency plans; local governmental unit total maximum daily load implementation plans; municipal stormwater utility development plans and amendments or updates to such plans.,
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.4 - Loan Application

Current through June 14, 2024
A. Request for financing under the Facilities Plan Loan Program should be submitted in writing by the chief executive officer or other authorized officer of the local governmental unit to the Executive Director of the Bank. The written request shall include:
1. A projection of the total actual costs for preparing the Facility Plan or amendments or updates to such plans as approved by the Department of Environmental Management.
2. A description of the dedicated source of loan repayment, i.e. general revenues from property taxes of cities and towns, wastewater system revenues, or other sources available to the local governmental unit and deemed acceptable by the Bank
3. A description of the overall operations of the local governmental unit, including but not limited to the most recent annual report or audited financials, with an emphasis on
a. legal structure;
b. management;
c. sources of revenues;
d. operating expenses;
e. operating surpluses or deficits;
f. actual results versus budget;
g. sources of financial liquidity.
4. Legal authority or authorities to borrow from the Facilities Plan Loan Program.
5. Other information reasonably requested by the Bank.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.5 - Loan Approval Process

Current through June 14, 2024
A. Subject to availability of Bank funds and to prioritization of facility planning projects by the Department of Environmental Management (DEM), loan applications will be considered for approval by the Bank for any eligible local governmental unit FPLP Loan. The local governmental unit will provide a general obligation pledge, a promissory note in fully marketable form, or other obligation deemed acceptable by the Bank to ensure repayment of the FPLP loan. A credit review of the local governmental unit and report by the Executive Director will be taken into consideration by the Bank.
B. All loans are subject to the issuance and terms of a Certificate of Approval by the Department of Environmental Management (DEM) or its successor.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.6 - Terms and Conditions

Current through June 14, 2024
A. Interest - Loan will bear interest at the rate of one (1.00%) percent per annum. Interest is to be calculated on a three hundred sixty (360) day year and twelve (12) thirty (30)-day months on the outstanding loan balance. Interest payments are semi-annually on March 1 and September 1.
B. Loan Fees - The Bank will charge a Service Fee of one half of one (0.50%) percent per annum of the outstanding principal of any loan payable semi-annually at each interest payment date. All out of pocket closing costs, i.e., borrowers cost of issuance, borrower counsel fees and other closing costs will be paid by the borrower out of loan proceeds.
C. Amortization - Amortization will begin within fifteen (15) months after the loan closing and payments will be made annually thereafter to completely discharge the Loan within sixty (60) months of the loan closing.
D. Prepayments - The loan may be prepaid by the borrower at any time but may be subject to a prepayment penalty based on the cost of reinvesting the prepayment or any other negative financial impact to the Bank.
E. Security - Loans will have a pledge of:
1. general revenues and/or dedicated wastewater system revenues.
2. may be secured by any other assets and upon such other terms and conditions as the Bank deems appropriate to protect the interest of the other participants in the loan programs of the Bank, other creditors of the Bank, bondholders, or the finances of the Bank.
a. The obligations of the Borrowers may be subject to and dependent upon appropriations being made by the Borrower for such purposes.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.7 - Reporting Requirements

Current through June 14, 2024
A. Borrowers will be required to provide information to the Bank during the life of the loan, including but not limited to:
1. A copy of its Annual Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards, annually within nine (9) months of end of fiscal year.
2. Copies of reports submitted to DEM, the Environmental Protection Agency (EPA) and any other regulatory agency relating to the facility plans financed by the Bank or the operation thereof, simultaneously with each submission
3. Other information or reports as and when the Bank may reasonably require.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.8 - Loan Documents

Current through June 14, 2024
The terms and conditions of each loan will be evidenced by an agreement outlining the specific terms and conditions of the loan and such agreement will be accompanied by an opinion of counsel, as required by the Bank enabling act.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.9 - Compliance with State and Federal Law

Current through June 14, 2024
Recipients of loans must comply with all applicable state and Federal, Bank and municipal laws, ordinances, rules and/or regulations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.10 - Modifications

Current through June 14, 2024
Where deemed appropriate by the Bank, waiver or variation of any provisions herein may be made or additional requirements may be added.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 2 - Facility Plan Loan Program Loan Policies and Procedures › Section 830-RICR-10-15-2.11 - Severability

Current through June 14, 2024
If any provision of this Part or the application thereof to any local governmental unit, person, or corporation is held invalid by a court of competent jurisdiction, the remainder of this Part shall not be affected thereby. The invalidity of any section or sections or parts of any section or sections shall not affect the validity of the remainder of this Part.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.1 - Purpose

Current through June 14, 2024
These Loan Policies and Procedures of Rhode Island Infrastructure Bank (the "Bank") have been established to govern the lending activities between the Bank and local governmental units in the state of Rhode Island in connection with the Community Septic System Loan Program ("CSSLP") under and pursuant to the State Water Pollution Control Revolving Funds,  33 U.S.C. §§
											1381 to  1388  and R.I. Gen. Laws Chapter 46-12.2 as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.2 - Definitions

Current through June 14, 2024
Except as otherwise defined herein, the words and phrases used within these Loan Policies and Procedures have the same meaning as the words and phrases have in R.I. Gen. Laws Chapter 46-12.2 as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.3 - Financial Assistance

Current through June 14, 2024
A. These Loan Policies and Procedures govern the provision of financial assistance to local governmental units to administer a program of septic system repair and cesspool closure in their community. The CSSLP is a source of funds to provide subsequent loans to property owners for the repair or replacement of failed or failing septic systems or substandard systems and cesspool closures within areas identified in the local government unit's On-site Wastewater Management Plan.
B. The Bank and the local governmental unit will establish a relationship to be evidenced by a loan agreement to provide financing for repair or replacement of failed, failing or substandard systems in that community. Rhode Island Housing and Mortgage Financing Corporation (RI Housing), or any other entity as selected by the Bank, or its successor, will be the loan servicer (the "Servicer") on the subsequent property owners loans. The Servicer will:
1. accept applications from property owners;
2. coordinate payments to septic system installers/cesspool closure contractors/property owners;
3. collect repayments from property owners;
4. credit the property owner repayments to the principal repayment obligation of the local governmental unit; and
5. make monthly reports to both the Bank and the local governmental unit.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.4 - Loan Application

Current through June 14, 2024
A. Requests for financing under the Community Septic System Loan Program should be submitted in writing by the chief executive officer or other authorized officer of the local governmental unit to the Executive Director of the Bank. The written request shall include:
1. A projection of the estimated need for repair or replacement of failed or failing system or cesspool as contemplated by the Community's program and identified in the On-site Wastewater Management Plan prepared by the local governmental unit.
2. Indication of approval of the local governmental unit program for on-site septic system repair or replacement or cesspool closure as outlined in its On-site Wastewater Management Plan by the Department of Environmental Management (DEM).
3. A description of the dedicated source of loan security in the event of property owner loan default or non-payment, i.e., pledge of general revenues from property taxes of cities and towns, property liens, or other source available to the local governmental unit and deemed appropriate by the Bank.
4. A description of the overall operation of the local governmental unit, including but not limited to the most recent annual report or audited financials, with an emphasis on
a. legal structure;
b. management;
c. sources of revenues;
d. operating expenses;
e. operating surpluses or deficits;
f. actual results versus budget; and
g. sources of financial liquidity.
(1) The most recent annual report or audited financials may be submitted in satisfaction of all or any part of this item.
5. Legal authority or authorities to borrow from the Community Septic System Loan Program.
6. Other information reasonably requested by the Bank.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.5 - Loan Approval Process

Current through June 14, 2024
Subject to availability of Bank funds and to prioritization by DEM of programs as outlined in the communities' On-site Wastewater Management Plans, loan applications will be considered for approval by the Bank for any eligible local governmental unit. The local governmental unit will provide a general obligation pledge, note in fully marketable form, or other obligation deemed appropriate by the Bank to ensure repayment of the CSSLP loan. A credit review of the local governmental unit and report by the Executive Director will be taken into consideration by the Bank.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.6 - Terms and Conditions

Current through June 14, 2024
A. The property owner repayment stream will be credited towards the community's repayment obligation of the CSSLP loan.
B. Rate - The CSSLP loan to the local governmental unit from the Bank will be at a rate of zero percent (0%).The subsequent loans to property owners will carry an interest rate of zero percent (0%) and service fees equivalent to 1% of the outstanding balance of the property owners loan to be distributed as follows:
1. Servicer 0.5% Property Owner Loan Service Fee
2. Bank 0.5% Community Loan Service Fee
3. 1.0% Total CSSLP Fees
a. In addition to the service fees set forth above, the property owner shall also pay a loan origination fee (Loan Origination Fee) at the time of closing to the Servicer in the amount of three hundred dollars ($300.00).
b. (CSSLP loan rates and fees are subject to periodic changes as per §
												3.10     of this Part.)
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.7 - Reporting Requirements

Current through June 14, 2024
A. Local governmental units will be required to provide information to the Bank during the life of the loan, including but not limited to:
1. A record of the number and type of repaired or replaced septic systems and cesspool closures funded by this program.
2. A copy of its Annual Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards annually within nine months days of end of fiscal year.
3. Copies of reports submitted to RIDEM, the Environmental Protection Agency (EPA) and any other regulatory agency relating to the septic systems or cesspools financed by the Bank or the operation thereof, simultaneously with each submission.
4. Other information or reports as and when the Bank may reasonably require.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.8 - Loan Documents

Current through June 14, 2024
The terms and conditions of each loan will be evidenced by an agreement outlining the specific terms and conditions of the loan and such agreement will be accompanied by an opinion of counsel, as required by the Bank enabling act.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.9 - Compliance with State and Federal Law

Current through June 14, 2024
Recipients (the Borrower) of loans must comply with all applicable state, Federal, Bank and municipal laws, ordinances, rules and/or regulations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.10 - Modifications

Current through June 14, 2024
Where deemed appropriate by the Bank, waiver or variation of any provisions herein may be made or additional requirements may be added.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3) › Section 830-RICR-10-15-3.11 - Severability

Current through June 14, 2024
If any provision of these rules and regulations or the application thereof to any local government unit, person, or corporation is held invalid by a court of competent jurisdiction, the remainder of the rules and regulations shall not be affected thereby. The invalidity of any section or sections or parts of any section or sections shall not affect the validity of the remainder of these rules and regulations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.1 - Purpose

Current through June 14, 2024
These Loan Policies and Procedures of Rhode Island Infrastructure Bank (the "Bank") have been established to govern the lending activities between the Bank and local governmental units in the state of Rhode Island in connection with the Sewer Tie-In Loan Fund ("STILF") under and pursuant to R.I. Gen. Laws Chapter 46-12.2 as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.2 - Definitions

Current through June 14, 2024
Except as otherwise defined herein, the words and phrases used within these Loan Policies and Procedures have the same meaning as the words and phrases have in R.I. Gen. Laws Chapter 46-12.2 as amended.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.3 - Financial Assistance

Current through June 14, 2024
A. These Loan Policies and Procedures govern the provision of financial assistance to local governmental units to administer a program of sewer tie-ins for existing properties in their community. The STILF is a source of funds to provide subsequent loans to property owners to connect their properties to the local sewer system and abandon their individual septic systems or cesspools.
B. The Bank and the local governmental unit will establish a relationship to be evidenced by a loan agreement to provide financing for property owners within the local governmental unit to connect their properties to the local sewer system and abandon their individual septic systems or cesspools. Rhode Island Housing and Mortgage Financing Corporation (RI Housing), or any other entity as selected by the Bank, or its successor, will be the loan servicer (the "Servicer") on the subsequent property owners loans. The Servicer will:
1. accept applications from property owners;
2. coordinate payments to sewer tie-in contractors/vendors;
3. collect repayments from property owners;
4. credit the property owners' repayments to the principal repayment obligation of the local governmental unit; and
5. make monthly reports to both the Bank and the local governmental unit.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.4 - Loan Application

Current through June 14, 2024
A. Request for financing under the Sewer Tie-In Loan Fund should be submitted in writing by the chief executive officer or other authorized officer of the local governmental unit to the Executive Director of the Bank. The written request shall include:
1. A projection of the estimated need for property owners within the local governmental unit to connect into the local sewer system and abandon their individual septic systems or cesspools as detailed in the local governmental unit's Sewer Tie-In Program Plan as approved by the Department of Environmental Management.
2. Indication of approval of the local governmental unit's Sewer Tie-In Program by the Department of Environmental Management (DEM), including the listing of the local governmental unit's STILF program on the most current DEM Project Priority List, for financing from the Bank to establish a Sewer Tie-In Loan Program within the local governmental unit.
3. A description of the dedicated source of loan security in the event of property owner loan default or non-payment, i.e., pledge of general revenues from property taxes of cities and towns, property liens, or other source available to the local governmental unit and deemed appropriate by the Bank.
4. A description of the overall operation of the local governmental unit, including but not limited to the most recent annual report or audited financials, with an emphasis on
a. legal structure;
b. management;
c. sources of revenues;
d. operating expenses;
e. operating surpluses or deficits;
f. actual results versus budget; and
g. sources of financial liquidity.
5. Legal authority or authorities to borrow from the Sewer Tie-In Loan Fund.
6. Other information reasonably requested by the Bank.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.5 - Loan Approval Process

Current through June 14, 2024
Subject to availability of Bank funds and to prioritization by DEM of projects as listed in the most current DEM Project Priority List, as well as an indication of approval for financing from the Bank to establish a Sewer Tie-In Loan Program within the local governmental unit, loan applications will be considered for approval by the Bank for any eligible local governmental unit STILF Loan. The Bank shall make a determination on each loan application from an eligible local governmental unit. The local governmental unit will provide a general obligation pledge, promissory note in fully marketable form, or other obligation deemed appropriate by the Bank to ensure repayment of the STILF loan. A credit review of the local governmental unit and report by the Executive Director will be taken into consideration by the Bank.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.6 - Terms and Conditions

Current through June 14, 2024
A. The property owner repayment stream will be credited towards the community's repayment obligation of the STILF loan.
B. Rate - The STILF loan to the local governmental unit from the Bank will be at a rate of zero percent (0%). The subsequent loans to property owners will carry an interest rate of zero percent (0%) and service fees equivalent to one percent (1%) of the outstanding balance of the property owners loan to be distributed as follows:
1. Servicer 0.5% Property Owner Loan Service Fee
2. Bank 0.5% Community Loan Service Fee
3. 1.0% Total STILF Fees
a. In addition to the service fees set forth above, the property owner shall also pay a loan origination fee (Loan Origination Fee) at the time of closing to the Servicer in the amount of three hundred dollars ($300.00).
b. (STILF loan rates and fees are subject to periodic changes as per §
												4.10     of this Part.)
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.7 - Reporting Requirements

Current through June 14, 2024
A. Local governmental units will be required to provide information to the Bank during the life of the loan, including but not limited to:
1. A record of the number and type of sewer tie-ins and abandonment of septic systems or cesspools funded by this program.
2. A copy of its Annual Audited Financial Statements in accordance with Generally Accepted Government Accounting Standards annually within nine months of end of fiscal year.
3. Copies of reports submitted to RIDEM, the Environmental Protection Agency (EPA) and any other regulatory agency relating to the sewer tie-ins financed by the Bank or the operation thereof, simultaneously with each submission.
4. Other information or reports as and when the Bank may reasonably require.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.8 - Loan Documents

Current through June 14, 2024
The terms and conditions of each loan will be evidenced by an agreement outlining the specific terms and conditions of the loan and such agreement will be accompanied by an opinion of counsel, as required by the Bank enabling act.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.9 - Compliance with State and Federal Law

Current through June 14, 2024
Recipients (the Borrower) of loans must comply with all applicable state and Federal, Bank and municipal laws, ordinances, rules and/or regulations.
Rhode Island Code of Regulations › Title 830 - Infrastructure Bank › Chapter 10 - Programs › Subchapter 15 - Septic and Sewer › Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4) › Section 830-RICR-10-15-4.10 - Modifications

Current through June 14, 2024
Where deemed appropriate by the Bank, waiver or variation of any provisions herein may be made or additional requirements may be added.