§ 42-34-2. Purpose. (a) It is declared that a state-wide need exists for industrial buildings and the expansion, rehabilitation, renovation, and reconstruction of existing industrial buildings and additional machinery and equipment to provide enlarged opportunities for gainful employment by the people of Rhode Island and to thus insure the preservation and betterment of the economy of the state and its inhabitants. It is also declared that it is in the interest of the public welfare and purpose to promote the expansion and diversification of industry to increase employment, prevent or reduce unemployment, and to provide a larger taxable base for the economy of the state of Rhode Island, and to generally promote economic development in Rhode Island. Therefore, the Rhode Island industrial building authority is created to encourage the making of mortgage loans for the purpose of furthering industrial expansion in the state, and, thus, improve the welfare of the public for the foregoing reasons and, by the stimulation of a larger flow of private investment funds from banks, building and loan associations, credit unions, savings and loan associations, insurance companies, and other financial institutions, including pension, retirement and profit-sharing funds, meet the need of new industrial plant expansion, the expansion, rehabilitation and renovation of existing industrial plants, and the acquisition of new machinery and equipment.

(b) It is further declared that there is a need for the abatement or control of pollution of the environment of the state which is necessary to protect the health and welfare of the inhabitants of the state, and in particular the abatement or control of pollution by industries now operating in the state or which may in the future operate in the state. The Rhode Island industrial authority shall also exist to encourage the making of mortgage loans to enable such industries to abate or control pollution.

(c) It is further declared that a state-wide need exists for new recreational buildings, facilities, developments, and improvements to preserve the health and welfare of the people and to better the economy of the state. It is also declared that it is in the interest of the public welfare and purpose to promote the expansion and diversification of our recreational facilities, to increase employment, and to provide a wider tax base. Therefore, the Rhode Island industrial-recreational authority is created to encourage the making of mortgage loans for the purpose of furthering recreational expansion in the state, and, thus, improve the welfare of the public for the foregoing reasons and, by the stimulation of a larger flow of private investment funds from banks, building and loan associations, credit unions, savings and loan associations, insurance companies, and other financial institutions, including pension, retirement and profit-sharing funds, meet the need of recreational plant expansion.

History of Section. (P.L. 1958, ch. 91, § 3; P.L. 1966, ch. 234, § 4; P.L. 1973, ch. 99, § 4; P.L. 1979, ch. 158, § 4; P.L. 1986, ch. 245, § 2; P.L. 1987, ch. 537, § 3.)