§ 45-32-49. Guarantee and acceptance of responsibility by community.
(a) Any community, for the purpose of aiding in the undertakings authorized by § 45-32-48, notwithstanding any other provisions of the general laws, has the power and right
to assume the responsibility for and to guarantee repayment of any loan made to an
agency by private financial institutions or the federal government on terms and conditions
that it may deem proper and to bear any loss which may arise as the result of the
acquisition of the real property, all administrative costs and other payments relating
thereto, including the management thereof, the actual sums disbursed to the o
Free access — add to your briefcase to read the full text and ask questions with AI
§ 45-32-49. Guarantee and acceptance of responsibility by community.
(a) Any community, for the purpose of aiding in the undertakings authorized by § 45-32-48, notwithstanding any other provisions of the general laws, has the power and right
to assume the responsibility for and to guarantee repayment of any loan made to an
agency by private financial institutions or the federal government on terms and conditions
that it may deem proper and to bear any loss which may arise as the result of the
acquisition of the real property, all administrative costs and other payments relating
thereto, including the management thereof, the actual sums disbursed to the occupants
for relocation expenses (notwithstanding the limitation in amount imposed by § 45-31-27), the demolition and removal of buildings or structures on the real property, and
the clearance and improvement of the land so acquired, in the event the redevelopment
plan for the project is not approved or is amended to omit any or all property, or
is abandoned for any reason.
(b) No guarantee or responsibility shall be executed or assumed by any community until
the legislative body of the community has passed an ordinance specifically authorizing
the assumption of a guarantee and acceptance of responsibility.
(c) Before passing an ordinance, the legislative body of the community or its committee
to which the proposed ordinance has been referred, shall hold a public hearing after
giving notice of the date, time, place, and purpose.
(d) The notices shall be published not less than once a week for three (3) successive
weeks prior to the hearing in a newspaper of general circulation published in the
community or, if no newspaper is published in a community, then in a newspaper of
general circulation in the community.
(e) At the public hearing, all interested persons or agencies shall have an opportunity
to be heard and to submit communications in writing. The public hearing may be held
jointly with the hearing required under § 45-32-4 and/or with the hearing required under § 45-32-11 if the legislative body so directs.