[§2 06E- 265] Financial aid from the federal government; contracts with the federal government.

249 words·~1 min read·/hi/2-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The authority may secure financial aid from the federal government for any planning, design, development, construction, and maintenance work that the authority is authorized to undertake pursuant to this part.

(b)In addition, and supplemental to the powers granted to the authority under section 206E-4, the authority may:

(1)Borrow moneys or accept grants from the federal government in aid of or for any development project the authority is authorized to undertake pursuant to this part;

(2)Issue bonds or other evidence of indebtedness and pledge revenues and other assets as security for indebtedness incurred pursuant to this part;

(3)Repay any indebtedness, including any interest incurred thereon by the authority pursuant to this part;

(4)Procure insurance or loan guarantees from the federal government for the payment of any debts or parts thereof secured by mortgages made by or held by the authority;

(5)Execute contracts with the federal government in accordance with this part; and

(6)Comply with terms and conditions required by the federal government in any contract or grant for federal assistance.

(c)It is the purpose and intent of this section to authorize the authority to do all things necessary to secure the cooperation of and financial aid from the federal government for any planning, design, development, construction, and maintenance work that the authority is authorized to undertake pursuant to this part. [L 2022, c 190, pt of §1]