§ 403A.18 — Transfer of possession or title to federal government

Iowa § 403A.18

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 403A: MUNICIPAL HOUSING PROJECTS

Text

In any contract with the federal government for annual contributions to a municipality,
the municipality may obligate itself, which obligation shall be specifically enforceable and
shall not constitute a mortgage, notwithstanding any other law, to convey to the federal
government possession of or title to the housing project to which such contract relates,
upon the occurrence of a substantial default as defined in such contract with respect to
the covenant or conditions to which the municipality is subject. The contract may further
provide that in case of such conveyance, the federal government may complete, operate,
manage, lease, convey, or otherwise deal with the housing project and funds in accordance
with the terms of the contract, provided that the contract requires that, as soon as practicable
after the federal government is satisfied that all defaults with respect to the housing project
have been cured and that the housing project will thereafter be operated in accordance with
the terms of the contract, the federal government shall reconvey to the municipality the
housing project as then constituted.

Legislative History

[C62, 66, 71, 73, 75, 77, 79, 81, §403A.18]