As used in this chapter, the following terms, unless the context requires a different interpretation, shall have the following meanings:

(1)  “Agency” means the Rhode Island infrastructure bank as set forth in chapter 12.2 of Title 46;

(2)  “Approved project” means any project approved by the agency for financial assistance;

(3)  “Brownfield project” means a project proposed by a city, town, person or corporation that would provide for the remediation and/or development of a site within the state of Rhode Island defined as a brownfield site pursuant to § 101 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended;

(4)  “Corporation” means any corporate person, including, but not limited to, bodies politic and corporate, corporations, societies, associations, partnerships, limited liability companies, sole proprietorships and subordinate instrumentalities of any one or more political subdivisions of the state;

(5)  “Department” means, for purposes of this chapter, the department of environmental management;

(6)  “Eligible borrower” or “borrower” means a person, corporation, city, town, or other political subdivision or instrumentality of the state;

(7)  “Eligible project” means a brownfield project, or portion of a brownfield project, that meets the project evaluation criteria;

(8)  “Financial assistance” means any form of financial assistance provided by the agency to an eligible borrower in accordance with this chapter for all or any part of the cost of an approved project, including, without limitation, temporary and permanent loans, with or without interest, grants, guarantees, insurance, subsidies for the payment of debt service on loans, lines of credit, and similar forms of financial assistance;

(9)  “Person” means any natural person;

(10)  “Project evaluation criteria” means the criteria used by the department to evaluate and rank eligible projects and shall include the extent to which the project generates economic benefits, the extent to which the project would be able to proceed, the cost effectiveness of the project; and

(11)  “Revolving fund” means the brownfields revolving fund established under this chapter.

History of Section.
P.L. 2015, ch. 141, art. 14, § 1.