§ 511 — Authority of municipality; other terms of contract

§ 511. Authority of municipality; other terms of contract. 1. Any\nmunicipality is authorized to enter into agreement with the state to\nreceive such loans, periodic subsidies and state capital grants to\nassist such municipality to establish and carry out one or more programs\nof urban renewal.\n 2. In the case of a loan, the loan contract shall provide that upon\nany date when an installment of principal shall become due and payable\nthe municipality may anticipate any installment which would otherwise\nbecome due and payable thereafter.\n 3. In every contract for a loan and periodic subsidy or for a capital\ngrant by the state, the acts constituting a substantial breach of the\nprovisions set forth therein shall be defined in such terms as the\ncommissioner shall deem to be in the public interest and as are\nconsistent with the provisions of this article and the purposes of the\nprogram for which such aid is sought. In any loan contract, the\ncommissioner shall retain the right, among other rights and remedies, in\nthe event of such substantial breach, to declare any unpaid balance to\nbe due forthwith and to reduce or terminate any periodic subsidies\npayable under the contract.\n 4. Every such contract may contain such other terms, covenants and\nconditions as shall be agreed upon and as are consistent with the\nprovisions of this article and the purposes of the urban renewal\nprogram.\n