Rhode Island Infrastructure Bank Extends $7.8 Million in Savings and Announces 9 Communities for the Municipal Resilience Program
PROVIDENCE, RI – Rhode Island Infrastructure Bank presented $7.8 million in savings to 26 municipalities and utilities today as a part of its annual Legislative Day at the State House. The Bank also announced the next round of participants in the Municipal Resilience Program, which includes Bristol, Providence, Woonsocket, Little Compton, Warwick, and regional partnerships from Pawtucket/Central Falls and Newport/Middletown.
The Bank presented $7.8 million in savings derived from the refinancing of Clean Water State Revolving Fund and Drinking Water State Revolving Fund bonds in December 2019. The refinancing is part of an ongoing strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers. Over the last five years, the Bank has provided $33.4 million in savings to borrowers by refinancing existing debt at lower interest rates.
“The Infrastructure Bank is proud to provide these savings to our clients” said Jeffrey R. Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank. “By providing cash-savings up-front, our clients are able to redeploy capital towards a number of municipal initiatives like improving resiliency and protecting water quality.”
The nine communities participating in the Municipal Resilience Program, will be provided with technical support from The Nature Conservancy and the Infrastructure Bank to assess their vulnerabilities to climate change. Upon completion of the program, each of the communities will have the opportunity to apply for Infrastructure Bank grant funding to address specific community resilience projects. In 2019, 5 communities participated in the program and were recently granted $1,000,000 for their projects.
Each year, the Bank hosts an event at the Statehouse to provide legislators the opportunity to learn more about the Bank and the vital work it does in their respective communities.
Photos from the event can be found here.
About Rhode Island Infrastructure Bank :
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org .