Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 40 - Municipal Resilience Program
Part 1 - Municipal Resilience Program Policies and Procedures
Section 830-RICR-10-40-1.11 - Grant Terms and Conditions and Reporting Requirements
Universal Citation: 830 RI Code of Rules 10 40 1.11
Current through September 18, 2024
A. The terms and conditions and reporting requirements for grants from the Municipal Resilience Program will be established by the Bank and set forth in the grant agreement.
B. Construction Progress Payments
1. Progress payments for each construction
project will be made through a construction fund established for the MRP
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
resiliency 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, and a "paid"
stamped copy of the Requisition Form will be sent to the Borrower.
3. The Bank or its designee may perform
periodic project inspections to:
a. Monitor
construction progress;
b. Verify
eligibility of construction cost under the program; and
c. Ensure construction is in conformity with
Plans and Specifications.
4. The Bank or its designee will perform a
final project inspection before the final payment is made by the
Bank.
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