§ 12 — Receipt of loans and grants from the federal government and other sources; borrowing money; issuance of notes and indebtedness

Massachusetts § 12

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XVII: PUBLIC WELFARE
• Ch. 121A: URBAN REDEVELOPMENT CORPORATIONS

Text

Section 12. Any such corporation shall have power to receive loans and grants from the federal government or any agency or instrumentality thereof or from any other source, public or private, or to act as agent of or to co-operate with the federal government or any agency or instrumentality thereof on any project of the kind or character authorized by section three; provided that nothing in this section shall operate to impair the powers and duties of the housing board with respect to any such corporation or any project operated by it. Any such corporation shall also have power, subject to the provisions of section seven, to borrow money and to issue bonds, notes and other evidences of indebtedness and to secure the same by the mortgage of its property or the pledge of its revenues, and to do whatever is necessary or convenient to carry out and effectuate the provisions of this chapter.Notwithstanding any other provisions of this chapter, any such corporation may borrow on mortgages insured or guaranteed by the federal government or any agency or instrumentality thereof to the extent permitted by the federal government or such agency or instrumentality, and may issue such stock, enter into such agreements or perform such acts as may be required by the federal government or its agency or instrumentality in connection with such insurance or guarantee.