Section 42-34-1. – Creation of authority.

§ 42-34-1. Creation of authority. There is hereby created the Rhode Island industrial-recreational building authority. History of Section.P.L. 1958, ch. 91, § 2; P.L. 1987, ch. 537, § 3.

Section 42-34-10. – Insurance of mortgages.

§ 42-34-10. Insurance of mortgages. (a) The authority is authorized, upon application of the proposed mortgagee, to insure mortgage payments required by a mortgage on any industrial and/or recreational project, upon such terms and conditions as the authority may prescribe, provided the aggregate amount of the unpaid principal balance of all obligations of all mortgages […]

Section 42-34-11. – Mortgage insurance premiums.

§ 42-34-11. Mortgage insurance premiums. The authority is authorized to fix mortgage insurance premiums for the insurance of mortgage payments under the provisions of this chapter, such premiums to be computed as a percentage, which shall not exceed three percent (3%) per annum, of the principal obligation of the mortgage in such manner in each […]

Section 42-34-12. – Authority’s expenses.

§ 42-34-12. Authority’s expenses. The authority may in its discretion expend out of the fund such moneys as may be necessary for any expenses of the authority, including administrative, legal, actuarial, and other services. History of Section.P.L. 1958, ch. 91, § 13.

Section 42-34-13. – Mortgages eligible for investment.

§ 42-34-13. Mortgages eligible for investment. Mortgages insured by the authority under this chapter and participations therein are hereby made legal investments for all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, […]

Section 42-34-14. – Record of accounts.

§ 42-34-14. Record of accounts. The authority shall keep proper records of accounts and shall make an annual report of its condition to the state banking commissioner. History of Section.P.L. 1958, ch. 91, § 15.

Section 42-34-15. – Additions to mortgage insurance fund.

§ 42-34-15. Additions to mortgage insurance fund. (a) If from time to time in the opinion of the authority the addition of moneys to the mortgage insurance fund is required to meet obligations, the authority shall in writing request the governor to provide sufficient moneys by a day specified for that purpose. The governor shall […]

Section 42-34-15.1. – Agreement of state.

§ 42-34-15.1. Agreement of state. The state of Rhode Island does hereby pledge to and agree with the mortgagees holding mortgage insurance issued by the authority under this chapter that the state of Rhode Island will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made […]

Section 42-34-16. – Interest of members of authority.

§ 42-34-16. Interest of members of authority. No member of the authority shall participate in any decision on any contract of insurance in which he or she has any interests, direct or indirect, in any firm, partnership, corporation, or association which would be the mortgagee, whose loan to a local development corporation is insured by […]

Section 42-34-17. – Severability.

§ 42-34-17. Severability. The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of that court shall not affect or impair any of the remaining provisions. History of Section.P.L. 1958, ch. 91, § 19.

Section 42-34-18. – Appropriations.

§ 42-34-18. Appropriations. For the purpose of establishing the mortgage insurance fund and carrying out the intent of this chapter and the provisions thereof, the general assembly annually shall appropriate out of any money in the treasury not otherwise appropriated, such sums as it may deem necessary not to exceed the sum of one hundred […]

Section 42-34-2. – Purpose.

§ 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 […]

Section 42-34-3. – Credit of state pledged.

§ 42-34-3. Credit of state pledged. The Rhode Island industrial-recreational building authority is authorized to insure the payment of mortgage loans secured by industrial-recreational projects, and to this end the faith and credit of the state is hereby pledged, consistent with the terms and limitations of the terms of this chapter. History of Section.P.L. 1958, […]

Section 42-34-4. – Organization of authority.

§ 42-34-4. Organization of authority. (a) The Rhode Island industrial-recreational building authority, hereinafter in this chapter called the “authority,” hereby created and established a body corporate and politic, is constituted a public instrumentality of the state, and the exercise by the authority of the powers conferred by the provisions of this chapter shall be deemed […]

Section 42-34-5. – Manager.

§ 42-34-5. Manager. (a) The manager shall be appointed by the authority and his or her tenure of office shall be at the pleasure of the authority. He or she shall be in the unclassified service. (b) The manager shall be the chief administrative officer for the authority and as such shall direct and supervise […]

Section 42-34-6. – Definitions.

§ 42-34-6. Definitions. As used in this chapter, the following words and terms have the following meanings unless the context shall indicate another or different meaning or intent: (1)(a) “Cost of project,” means in the case of an industrial project described in subdivision (3)(a), the cost or fair market value of acquisition, whichever is lower, […]

Section 42-34-7. – Powers.

§ 42-34-7. Powers. The authority is authorized and empowered: (1) To adopt bylaws for the regulation of its affairs and the conduct of its business; (2) To adopt an official seal and alter it at pleasure; (3) To maintain an office at such place or places within the state as it may designate; (4) To […]

Section 42-34-8. – Permission to lease or rent property after default.

§ 42-34-8. Permission to lease or rent property after default. When a local development corporation or project owner does not meet mortgage payments insured by the authority by reason of vacancy of its industrial and/or recreational project, the authority, for the purpose of maintaining income from industrial and/or recreational projects on which mortgage payments have […]

Section 42-34-9. – Mortgage insurance fund: Subrogation.

§ 42-34-9. Mortgage insurance fund: Subrogation. (a) There is hereby created an industrial building mortgage insurance fund, hereinafter in this chapter referred to as the “fund” which shall be used by the authority as a nonlapsing, revolving fund for carrying out the provisions of this chapter. To this fund shall be charged any and all […]