PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo today announced that seventeen towns
passed resolutions in support of the newly-created Municipal Road and Bridge Revolving Fund (MRBRF). Officials from Barrington, Bristol, Burrillville, Charlestown, Coventry, East Providence, Hopkinton, Middletown, New Shoreham, North Kingstown, North Smithfield, Pawtucket, Portsmouth, Richmond, Tiverton, West Warwick and Westerly signed resolutions in support of the program.
The Rhode Island Clean Water Finance Agency voted to approve $5.3 million in funding for five municipalities at their recent meeting. A total of seven municipalities are slated to receive a total of nearly $7 million in funding from the MRBRF over the coming year. East Providence, Newport, Burrillville, New Shoreham, Pawtucket, Westerly and Warwick will received funding for local road and bridge projects this year.
“As leaders, our top priority is getting our economy moving again,” said Raimondo. “This innovative and cost-saving alternative for cities and towns to finance their road and bridge improvements will create jobs and support an important economic cornerstone for our state.”
“Last year, by creating the Municipal Road and Bridge Revolving Fund, the General Assembly sent a clear signal that rebuilding our roads and bridges and putting people back to work was a top priority, “said Michael F. Sabitoni, President of the Rhode Island Building & Construction Trades Council
The Municipal Road and Bridge Revolving Fund was created and passed as part of the 2013 legislative session, and was quickly implemented by the Rhode Island Clean Water Finance Agency and the Department of Transportation. The General Assembly budget appropriated $6.9 million to start the fund. The goal of the program is to take direct action on economic growth while improving Rhode Island’s locally-maintained roads and bridges.