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COVENTRYâ€” 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.
â€śAs leaders, our top priority is getting our economy moving again,â€ť said General Treasurer Gina Raimondo. â€śBy 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.â€ť
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.
â€śWe have taken a strategic policy proposal and turned it into action,â€ť said Speaker of the House Gordon Fox. â€śBy 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.â€ť
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