Section 42-64.23-1. – Short title.
§ 42-64.23-1. Short title. This chapter shall be known as the “First Wave Closing Fund Act.” History of Section.P.L. 2015, ch. 141, art. 19, § 6.
Section 42-64.23-2. – Legislative findings.
§ 42-64.23-2. Legislative findings. The general assembly finds and declares: (a) It is hereby found and declared that due to long-term and short-term stagnant or declining economic trends in Rhode Island, businesses in the state have found it difficult to make investments that would stimulate economic activity and create new jobs for the citizens of […]
Section 42-64.23-3. – Definitions.
§ 42-64.23-3. Definitions. As used in this chapter: (1) “Affiliate” means an entity that directly or indirectly controls, is under common control with, or is controlled by the business. Control exists in all cases in which the entity is a member of a controlled group of corporations as defined pursuant to § 1563 of the […]
Section 42-64.23-4. – Establishment of fund — Purposes — Composition.
§ 42-64.23-4. Establishment of fund — Purposes — Composition. (a) There is hereby established the first wave closing fund (the “fund”) to be administered by the commerce corporation as set forth in this chapter. (b) The purpose of the fund is to provide lynchpin financing unavailable from other sources, bringing to closure transactions that are […]
Section 42-64.23-5. – Powers of commerce corporation.
§ 42-64.23-5. Powers of commerce corporation. (a) The commerce corporation board shall promulgate regulations setting forth criteria for approving awards under the fund and such criteria shall ensure that awards from the fund are economically advantageous to the citizens of Rhode Island. To qualify for the benefits of this chapter, an applicant shall submit an […]
Section 42-64.23-6. – Implementation guidelines, directives, criteria, rules, regulations.
§ 42-64.23-6. Implementation guidelines, directives, criteria, rules, regulations. The commerce corporation may adopt implementation guidelines, directives, criteria, rules and regulations pursuant to § 42-35-3 of the General Laws as are necessary for the implementation and administration of the fund. History of Section.P.L. 2015, ch. 141, art. 19, § 6.
Section 42-64.23-7. – Program integrity.
§ 42-64.23-7. Program integrity. Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program. History of Section.P.L. 2015, […]
Section 42-64.23-8. – Sunset.
§ 42-64.23-8. Sunset. No financing shall be authorized to be reserved pursuant to this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 6; P.L. 2018, ch. 47, art. 12, § 5; P.L. 2019, ch. 88, art. 12, § 13; P.L. 2020, ch. 80, art. 1, § 25; P.L. 2021, […]