11-7A-3. Restrictions on municipal financing of redevelopment and housing projects--Sources of funds used.
171 words·~1 min read·
/sd/title-11/chapter-11-7/11-7a-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in § 11-7A-2 , no municipality may use any revenues or money of the municipality to pay the bonds of or make any loans or contributions to any redevelopment or housing project, except that this proviso is not applicable to any project for which financial assistance is provided by the federal government or any agency or instrumentality thereof which requires an outlay of money on the part of the municipality for a loan or grant to such project as a condition of the federal financial assistance, in which case a loan or grant, as required, may be made by the municipality to a commission located within the municipality, provided that such moneys as are loaned or granted under the provisions of this section shall be otherwise unappropriated, unbudgeted, and unexpended funds in the general fund or money derived from the sale by the municipality of general obligation bonds, such sale to be subject to the limitations of and in the manner and after authorization as provided by law.