Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 20 - Roads and Bridges
Part 1 - Municipal Road And Bridges Revolving Fund Loan Policies And Procedures
Section 830-RICR-10-20-1.4 - Loan Application

Universal Citation: 830 RI Code of Rules 10 20 1.4

Current through September 18, 2024

A. Requests for financing should be submitted in writing by the Chief Executive Officer or other authorized official 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 of cities and towns or other source of revenue acceptable to the Bank.

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. Such other information as the Bank may reasonably require.

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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