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Rhode Island.  Industrial Building Authority (1958-) | State Archives Catalog

Name: Rhode Island.  Industrial Building Authority (1958-)


Historical Note:

The Industrial Building Authority was authorized in 1958 per Rhode Island Public Law Chapter 91 (H-1511A approved May 20, 1958) "An Act Creating the Rhode Island Industrial Building Authority and Making an Appropriation Therefor."  The creation of the Authority was approved by the people at the 1958 November election.  The agency became operational in 1959 and was self-sustaining by 1961

The Authority was created to encourage the making of mortgage loans for the purpose of furthering industrial expansion in the state. It was authorized to insure the payment of mortgage loans secured by industrial projects against the faith and credit of the State. The Authority instituted a 100 percent financing plan for new industrial plant construction in the state in 1961.

Sources:

Rhode Island Public Laws

Rhode Island Industrial Building Authority annual reports.

Note Author: TC





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