Fox & Raimondo outline plan to fund infastructure projects
General Treasure Gina Raimondo and Speaker of the Hose Gordon Fox have rolled out a legislative plan that they say will help municipalities repair damage infrastructure.
The Municipal Road and Bridge Revolving Fund would be an expansion on the existing RI Clean Water Finance Agency which helps finance wastewater and drinking water projects.
Under the new legislation the program will be expanded to include municipal roads and bridge projects. The program will offer municipalities a chance to access funding for projects at more favorable interest rates.
Raimondo estimated that $5 million could have been saved in a past project in Providence with financing through the new program and $2.5 million could have been saved on a project in Cumberland.
Fox and Raimondo said not only will the plan offer savings to municipalities but it will also spur job growth in the construction industry by paving the way for new projects.
The assistance will be granted to the highest impact projects on a priority basis.
Raimondo said the plan will offer an affordable, sustainable and secure solution to funding municipal infrastructure projects.