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

(1)  “Application” means a project proposed by a city, town, or LEA that would make capital improvements to public school facilities consistent with project evaluation criteria and chapter 41.1 of Title 16-7;

(2)  “Approved project” means any project approved for financial assistance by the Council on Elementary and Secondary Education;

(3)  “Corporation” means the Rhode Island health and educational building corporation as set forth in chapter 38.1 of Title 42;

(4)  “Department” means the department of elementary and secondary education as established under title 16;

(5)  “Eligible project” means an application, or a portion of an application, that meets the project evaluation criteria and approved by the council on elementary and secondary education;

(6)  “Financial assistance” means any form of financial assistance provided by the corporation to a city, town, or LEA in accordance with this chapter for all or any part of the cost of an approved project, including, without limitation, loans, guarantees, insurance, subsidies for the payment of debt service on loans, lines of credit, and similar forms of financial assistance;

(7)  “Fund” means the school building authority capital fund;

(8)  “LEA” means a local education agency, a public board of education, school committee or other public authority legally constituted within the state for administrative control or direction of one or more Rhode Island public elementary or secondary schools;

(9)  “Market rate” means the rate the city, town, or LEA would receive on the open market at the time of the original loan agreement as determined by the corporation in accordance with its rules and regulations;

(10)  “Project evaluation criteria” means the criteria used by the school building authority to evaluate applications and rank eligible projects;

(11)  “Project priority list” means the list of eligible projects approved by the council on elementary and secondary education ranked in the order in which financial assistance shall be awarded by the corporation; and

(12)  “Subsidy assistance” means the credit enhancements and other measures to reduce the borrowing costs for a city, town, or LEA.

History of Section.
P.L. 2015, ch. 141, art. 9, § 4.