| The Rhode Island Industrial Facilities Corporation (RIIFC) issues tax-exempt and taxable revenue bonds without guarantee or insurance for the applicant. Tax-Exempt Bonds: Maximum limit is prescribed by IRS (Normally to $20 million). Terms are dependent upon the bond purchaser. Manufacturing projects are eligible, up to 100% of the project cost. Floating or fixed rate applied, determined by the market. An administrative fee of 1/8 of 1% is charged annually on outstanding principal balance. Taxable Bonds: Maximum limit established by bond purchaser or credit enhancer. Terms are established by lender. Manufacturing, selected commercial facilities, and travel-tourist facilities are eligible, up to 100% of the project cost. Rate is usually floating, dependent on lender. An administrative fee of 1/8 of 1% is charged annually on outstanding principal balance. Approved use of funds for both tax-exempt and taxable bonds includes the purchase of land, building, machinery, and equipment as well as the related soft costs of the project. |
