§ 42-45-10 - Historical preservation revolving fund.
SECTION 42-45-10
§ 42-45-10 Historical preservationrevolving fund. – (a) There is hereby created as a separate fund within the treasury the"historical preservation revolving fund" which shall be administered by thegeneral treasurer in accordance with the same laws and fiscal procedures as thegeneral funds of the state. The fund shall consist of such sums as the statemay from time to time appropriate, as well as monies received from the federalgovernment, gifts, bequests, donations, or otherwise from any public or privatesource, which monies are intended to implement and encourage restoration orpreservation of historic properties. These properties shall be construed toinclude particular structures of historical significance or properties locatedwithin a district which has been designated as historic; provided, however,that no loan shall be made under this section unless the property is:
(1) Included in the state register,
(2) Designated as a national historic landmark by the UnitedStates Department of Interior, or
(3) Listed in the national register of historic places by theUnited States Department of Interior.
(b) All moneys placed in the historical preservationrevolving fund shall be made available:
(1) For the purchase, or other acquisition or restoration,for resale, subject to appropriate covenants, of properties intended forpreservation;
(2) To make loans to nonprofit preservation foundations,organizations, individuals, and cities and towns for the purpose of acquiringand restoring properties worthy of preservation. Loans to individuals shall beconsidered only after the commission has determined that private financingcannot otherwise be obtained;
(3) To make loans or otherwise provide a source of equitycapital for residential and/or commercial development of historic properties inorder to implement and encourage the revitalization of historic buildings anddistricts.
(c) Loans made under the provisions of this section may bemade directly, or in cooperation with other lenders or any agency, department,or bureau of the federal government or state of Rhode Island. The proceeds fromthe resale of any properties acquired and restored and funds received from therepayment of any loans made for that purpose shall be deposited in and returnedto the historical preservation revolving fund, to constitute a continuingrevolving fund for the purposes listed above.
(d) The historical preservation and heritage commission shalladopt rules and regulations consistent with the purposes of this section andthe Administrative Procedures Act, chapter 35 of this title, which provide foran orderly and equitable disbursement and repayment of funds.