§ 14-188-122 — Agreements with federal government

(a) In any contract or amendatory or superseding contract for a loan entered into between any rural development authority and the federal government, or any of its agencies, with respect to any development project undertaken by the authority, any authority is authorized to make such covenants, including covenants with holders of obligations of the authority issued for purposes of the project involved, and to confer upon the federal government, or any of its agencies, such rights and remedies as the authority deems necessary to assure the fulfillment of the purposes for which the project was undertaken. (b) In any such contract, notwithstanding any other provisions of law, the authority may agree to sell and convey the project, including all lands appertaining to it to which the contract relates, to the federal government, or any agency of it, upon the occurrence of such conditions as may be prescribed in the contract, and at a price, which may include the assumption by the federal government, or any agency of it, of the payment, when due, of the principal of, and interest on, outstanding obligations of the authority issued for purposes of the project involved, determined as prescribed in it and upon such other terms and conditions as are provided in it. (c) Any authority is authorized to enter into such supplementary contracts and to execute such conveyances as may be necessary to carry out the provisions of this section.

Legislative History

Acts 1963, No. 172, § 20; A.S.A. 1947, § 20-1420.