Tennessee Code 13-20-206 – Authority authorized to obtain financial aid from federal government for redevelopment project
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Terms Used In Tennessee Code 13-20-206
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any agreement of an authority with or for the benefit of an obligee whether contained in a resolution, trust indenture, mortgage, lease, bond or other instrument. See Tennessee Code 13-20-102
- Federal government: includes the United States, or any agency, instrumentality, corporate or otherwise, of the United States. See Tennessee Code 13-20-102
- Government: includes the state and federal governments and any subdivision, agency or instrumentality, corporate or otherwise, of either of them. See Tennessee Code 13-20-102
- redevelopment: as used in this part , except in this section and in the definition of "redevelopment project" in §. See Tennessee Code 13-20-212
An authority may borrow money or accept contributions from the federal government to assist in its undertaking redevelopment projects. An authority may do any and all things necessary or desirable to secure such financial aid (including obligating itself in any contract with the federal government for annual contributions to convey to the federal government the project to which the contract relates upon the occurrence of a substantial default thereunder), in the same manner as it may do to secure such aid in connection with slum clearance and housing projects under this chapter.