COVENTRY— During the 2013 legislative session, the Municipal Road and Bridge Revolving Fund was passed, allowing cities and towns to take advantage of $7 million in available grants.
Coventry was one of 13 cities and towns that applied for monies totaling $29 million, which will be implemented by the Rhode Island Clean Water Finance Agency and the Department of Transportation.
The application proposals ranged from repaving of roads to bridge reconstruction.
“As leaders, our top priority is getting our economy moving again,” said General Treasurer Gina Raimondo. “By implementing an innovative and cost-saving alternative for cities and towns to finance their road and bridge improvements, we are supporting an important economic cornerstone for our state and creating jobs.”
With the assistance of the revolving fund, municipalities will be able to access capital at lower-rates for long-range planning, create economic opportunities for the construction trades and receive local budget relief for lowering annual debt service payments.
“We have taken a strategic policy proposal and turned it into action,” said Speaker of the House Gordon Fox. “By establishing a sustainable funding stream, municipalities will be able to make long-term plans separate from the uncertainty of the annual budget appropriations process. It will also help the construction trades plan for steady work, keeping projects more cost-effective.”
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