Allows local government recipients of grant funds from the Rhode Island infrastructure bank's OSCAR fund and resilient Rhode Island infrastructure fund to use monies for insurability planning.

Plain-English Summary

This bill would expand how local governments in Rhode Island can spend money they receive from two existing grant programs run by the Rhode Island Infrastructure Bank: the OSCAR fund and the Resilient Rhode Island Infrastructure Fund. Currently, these grants are used to help cities and towns pay for infrastructure improvements. This bill would add a new allowed use — insurability planning — meaning local governments could use some of that grant money to figure out how to make their communities and public assets more insurable.

Insurability planning generally means assessing risks, identifying vulnerabilities, and taking steps that would make it easier or more affordable for a community to obtain insurance coverage for its public infrastructure. As extreme weather events and climate-related risks make it harder and more expensive for municipalities to get insurance, this kind of planning is becoming increasingly important for towns and cities trying to protect public buildings, roads, water systems, and other assets.

This bill mainly affects local governments — cities and towns across Rhode Island — that are already eligible to receive or have received grants from these two programs. It does not create new funding or new programs; it simply gives existing grant recipients more flexibility in how they can spend the money they already qualify for.

As of now, the bill has been referred to the House Municipal Government & Housing Committee and has been scheduled for a hearing, but the committee has recommended holding it for further study, meaning it has not yet moved forward in the legislative process.