§ 109 — Minimum amount of capital and debentures

§ 109. Minimum amount of capital and debentures. Except as provided in\nthis section the capital of a redevelopment company together with any\nincome debentures shall in no event be less than the total of ten per\ncentum of the actual cost of any project or projects undertaken pursuant\nto this article. The supervising agency may permit capital to be\nincreased or income debenture certificates to be issued for working\ncapital to be used in connection with such project to an amount not\nexceeding three per centum of the estimated cost, or three per centum of\nthe total actual final cost, if that should exceed the estimated cost of\na project.\n The provisions of this section shall not be applicable to any\nredevelopment company if funds made available by the federal government\nor any instrumentality thereof, or any mortgage or mortgage bonds\ninsured by the federal housing administrator or any other\ninstrumentality of the federal government are used in financing the\nproject in whole or in part.\n