Treasurer Diossa, Legislators, Infrastructure Bank Urge Passage of Resilient Rhody Infrastructure Fund Bill
Published on Tuesday, May 13, 2025
PRESS RELEASE
For Immediate Release: May 13, 2025
Contact: Chris Hunter, 401.487.7771
Treasurer Diossa, Legislators, Infrastructure Bank Urge Passage of Resilient Rhody Infrastructure Fund Bill
BRISTOL, RI – Earlier today, Rhode Island General Treasurer James Diossa joined Representative Terri Cortvriend, Senator Louis DiPalma, Representative Tina Spears, Bristol Town Manager Steven Contente, and Rhode Island Infrastructure Bank Executive Director William Fazioli at Bristol’s Independence Park to urge passage of legislation (H-6252 [webserver.rilegislature.gov]) formally establishing the Resilient Rhody Infrastructure Fund.
“Due to the impacts of climate change, Rhode Island's cities and towns are experiencing more frequent and severe storm, flooding, and coastal erosion events that are overwhelming existing infrastructure,” said Treasurer James Diossa. “The Resilient Rhody Infrastructure Fund is a smart solution that will create a dedicated source of reliable funding for municipalities to invest in resilient infrastructure projects including stormwater improvements, floodproofing, watershed restoration, urban tree planting, and coastal resilience measures.”
“Portsmouth and Middletown, the communities I represent, have both experienced severe storm events in recent years that have completely overwhelmed existing stormwater infrastructure,” said State Representative Terri Cortvriend (District 72 - Middletown, Portsmouth). “We are seeing these same impacts all across the state, and that is why I am sponsoring legislation to establish the Resilient Rhody Infrastructure Fund. Our communities need the resources to invest in more resilient infrastructure solutions, and that’s exactly what this bill will do.”
“The effects of climate change are being felt in Rhode Island, and they will only worsen in the years to come,” said State Senator Louis DiPalma (District 12 - Middletown, Little Compton, Newport, Tiverton). “In terms of dollars and disruption, the costs – for individuals and families, for cities and towns, and for our entire state – will be enormous. The Resilient Rhode Infrastructure Fund will help mitigate those costs and ensure our local governments have the resources needed to keep our communities on the leading edge of climate resiliency. I am grateful to Treasurer Diossa, the Rhode Island Infrastructure Bank, and all the leaders and stakeholders involved in this important initiative.”
“Here at Independence Park, we’re experiencing more frequent coastal flooding and erosion events from severe storms,” said Bristol Town Administrator Steven Contente. “Our existing stormwater and sewer infrastructure has also been stretched beyond capacity during several recent heavy rain events. Thanks to the Rhode Island Infrastructure Bank, we’re investing in solutions to these issues, and believe that establishing the Resilient Rhody Infrastructure Fund is a smart solution to a growing problem for cities and towns across the state.”
“Rhode Island Infrastructure Bank is pleased to be providing the Town of Bristol with $2 million in low interest loan financing to assist with stormwater and drainage improvements in the Silver Creek Watershed, which is prone to flooding during high intensity precipitation events,” said Infrastructure Bank Executive Director William Fazioli. “We want to provide a reliable and renewable source of funding for infrastructure projects like this across Rhode Island, and that’s why we are here today to urge passage of Resilient Rhody Infrastructure Fund legislation.”
“All of Rhode Island’s cities and towns are seeing the impacts from increasingly strong rain and coastal storm events,” said Rhode Island League of Cities & Towns Executive Director Randy Rossi. “From flooding out roads, homes, and businesses, to eroding beaches and public parks, these storms are causing real disruption. Through their Municipal Resilience Program, the Rhode Island Infrastructure Bank has been a great partner in helping our communities develop more resilient infrastructure solutions that are fiscally responsible for local taxpayers. Passage of Resilient Rhody Infrastructure Fund legislation will give our cities and towns an important new source of financing to implement the resilient infrastructure solutions needed to mitigate the impacts of climate change.”
All 39 Rhode Island cities and towns have participated in the Infrastructure Bank’s Municipal Resilience Program, designed to help municipalities identify infrastructure at risk, and plan for resilient infrastructure solutions. The Bank has also awarded $24 million in Municipal Resilience Program Action Grants to 31 municipalities.
The Resilient Rhody Infrastructure Fund would build on this success, creating a revolving source of loan financing for municipal resilience projects, similar to the state’s Drinking Water State Revolving Fund and Clean Water State Revolving Fund programs.
Resilient Rhody Infrastructure Fund legislation is enabling only. Seed funding for the program would come from existing Infrastructure Bank resources that would be directed to adaptation projects which yield a high return on investment. A growing body of research [jpmorgan.com] indicates that investing in pre-disaster mitigation projects will save communities significant dollars and safeguard fiscal health over the long term.
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