Industrial Revenue Bonds were authorized in 1961 as a way to permit cities and counties the ability to issue revenue bonds to encourage and assist in the location of new business and industry in the state and promote the general and economic prosperity in Kansas. IRBs are used to pay for the costs of purchasing, acquiring, constructing or equipping facilities for agriculture, commercial, hospital, industrial, natural resources, recreational development and manufacturing. (Authorized by K.S.A. 12-1749a et. seq.)