Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 05 - Energy
Part 3 - Clean Energy Fund Policies and Procedures
Section 830-RICR-10-05-3.7 - Grant Terms and Conditions and Reporting Requirements

Universal Citation: 830 RI Code of Rules 10 05 3.7

Current through September 18, 2024

A. The terms and conditions and reporting requirements for grants from the CEF will be established by the Bank and set forth in a grant agreement.

B. Construction Progress Payments

1. Progress payments for each construction Project will be made through a construction fund established for the CEF Program. Grant proceeds will be transferred monthly from the construction fund for each Borrower based upon approved Requisition Forms submitted to the Bank. Upon receipt of the Requisition Forms and all associated Requisition Documentation, the Bank will verify:
a. That the costs requisitioned for payment are in connection with the approved clean energy related infrastructure Project(s);

b. The vendor is identified in the contract; and

c. There is sufficient availability of funds approved for the Project to make the payment.

2. Payments will be made directly to the vendor and/or the Borrower for reimbursements by the Bank.

3. The Bank or its designee may perform periodic Project inspections to:
a. Monitor construction progress;

b. Verify eligibility of construction cost under the CEF; and

c. Ensure construction is in conformity with plans and specifications.

4. The Bank or its designee may perform a final Project inspection before the final payment is made by the Bank.

C. Applicants awarded grants from the CEF shall provide the Bank with information or reports that it may reasonably require during the period of the grant agreement.

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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