(a)  There is created, as a separate fund within the treasury, the lead paint removal revolving fund. The fund shall consist of any sums that the state may from time to time appropriate, as well as money received from donations, gifts, bequests, or otherwise from any public or private source, which money is intended to implement and encourage lead paint removal.

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Terms Used In Rhode Island General Laws 42-55-27

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(b)  The treasurer shall contract with the Rhode Island housing and mortgage finance corporation for the administration and disbursement of funding. The Rhode Island housing and mortgage finance corporation shall adopt rules and regulations in conjunction with the department of health and appropriate community groups consistent with the purposes of this section and the Administrative Procedures Act, chapter 35 of this title, which provide for the orderly and equitable disbursement and repayment of funds.

(c)  All funds placed in the lead paint removal fund shall be made available:

(1)  To make loans to individuals and non-profit organizations for the purpose of reducing lead hazards in housing units for Rhode Islanders; and

(2)  To fund improvements to residential property in conjunction with lead paint reduction as necessary to conduct lead hazard reduction.

(d)  Loans made available under the provisions of this section may be made directly, or in cooperation with other public and private lenders, or any agency, department, or bureau of the federal government or the state.

(e)  The proceeds from the repayment of any loans made for that purpose shall be deposited in and returned to the lead paint revolving fund to constitute a continuing revolving fund for the purposes provided in this section.

(f)  The department of health and the Rhode Island housing and mortgage finance corporation, in coordination with cities and towns, shall take any action necessary to obtain federal assistance for lead hazard reduction to be used in conjunction with the lead paint removal revolving fund.

History of Section.
P.L. 1998, ch. 393, § 1.