Program provides predictable funding stream for local infrastructure investment, spurs economic growth
PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo today commended the General Assembly's commitment to the Municipal Road and Bridge Revolving Fund as part of the FY 2015 budget. The fund received two separate appropriations for $5 million and $3.3 million respectively, for a total of $8.3 million. This program takes action to improve the state's economy, while supporting Rhode Island's locally-maintained roads and bridges.
"As leaders, our top priority is to create opportunities for economic growth and job creation," said Raimondo. "Continuing to provide a predictable funding source for this innovative and cost-saving program allows cities and towns to invest in road and bridge improvements. This initiative is an important cornerstone to rebuilding Rhode Island's economy."
"The critical maintenance of our bridges and roadways is a top priority of the House," said Speaker Nicholas Mattiello. "This innovative mechanism helps fund our state's deteriorating infrastructure and helps to address this problem immediately and creatively in order to benefit our cities and towns in the long-term."
"It's imperative that we invest in infrastructure by maintaining and upgrading our roads and bridges," said Senate President Teresa Paiva Weed. "This program puts people back to work and makes our roadways safer at a savings to our cities and towns."
The Municipal Road and Bridge Revolving Fund was created and passed as part of the 2013 legislative session, and was quickly implemented by the Rhode Island Clean Water Finance Agency and the Department of Transportation.
The Municipal Road and Bridge Revolving Fund:
• Builds on the success of the Rhode Island Clean Water Finance Agency
• Provides a dependable funding source for long-range planning and infrastructure investment
• Affords access to capital at lower rates, thereby lowering annual debt service payments for local budget relief
• Creates economic opportunities for the construction trades and their suppliers
Recently, Raimondo announced that seven municipalities: East Providence, Newport, Burrillville, New Shoreham, Pawtucket, Westerly and Warwick, received $6.9 million in funding for local road and bridge projects through the initial launch of this program.
Given this continued funding, more projects are expected to be announced in the coming months.