(a)
(1) In any contract or amendatory or superseding contract for a loan and annual contributions entered into between any housing authority and the federal government or any of its agencies, with respect to any housing project undertaken by the authority, the authority is authorized to make such covenants, including covenants with holders of obligations of the authority issued for purposes of the project involved. The authority may confer upon the federal government or any of its agencies such rights and remedies as the authority deems necessary to assure the fulfillment of the purposes for which the project was undertaken.
(2) In any such contract, the authority may, notwithstanding any other provisions of law, agree to sell and convey the project, including all lands appertaining to it, to which the contract relates to the federal government, or any agency thereof, upon the occurrence of such conditions, or upon such defaults on obligations for which any of the annual contributions provided in the contract are pledged, as may be prescribed in the contract, and at a price, which may include the assumption by the federal government, or any agency thereof, of the payment, when due, of the principal of, and interest on, outstanding obligations of the housing authority issued for purposes of the project involved, determined as prescribed and upon such other terms and conditions as are provided in the contract.
(b) Any authority is authorized to enter into such supplementary contracts and to execute such conveyances as may be necessary to carry out the provisions of this section.
(c) Notwithstanding any other provisions of law, any contracts, supplementary contracts, or any conveyances made or executed pursuant to the provisions of this section shall not be or constitute a mortgage within the meaning of, or for the purposes of, any of the laws of this state.
Structure Arkansas Code
Subtitle 10 - Economic Development And Tourism Generally
Chapter 169 - Housing Authorities And Urban Renewal Agencies
Subchapter 2 - Housing Authorities in Cities and Counties
§ 14-169-202. Legislative declarations
§ 14-169-204. Provisions controlling
§ 14-169-205. Planning, etc., laws applicable
§ 14-169-206. Validating provisions
§ 14-169-207. Creation of authorities
§ 14-169-208. Appointment, etc., of commissioners, employees
§ 14-169-209. Commissioner or employee interest prohibited
§ 14-169-210. Removal of commissioners
§ 14-169-211. Powers of authority generally
§ 14-169-212. Investigations, studies, etc
§ 14-169-213. Examinations and investigations — Conduct, oaths, subpoenas, etc
§ 14-169-214. Examinations and investigations — Findings and recommendations
§ 14-169-215. Powers of authority regarding property generally
§ 14-169-216. Acquisition, operation, construction, etc., of housing projects
§ 14-169-217. Contracts for services, works, etc
§ 14-169-218. Financing of project
§ 14-169-219. Power of eminent domain
§ 14-169-220. Authority to issue bonds
§ 14-169-221. Issuance of bonds
§ 14-169-222. Powers in issuing bonds or incurring obligations
§ 14-169-223. Bonds and obligations as legal investments
§ 14-169-224. Joining or cooperating by authorities
§ 14-169-225. Federal aid or cooperation
§ 14-169-226. Agreement to sell project as security for federal obligations
§ 14-169-227. Aid and cooperation by state public bodies
§ 14-169-228. Additional powers of public bodies to aid or cooperate
§ 14-169-229. Public appropriations and loans
§ 14-169-230. Authority to exercise powers
§ 14-169-231. Contracts for services furnished by public body
§ 14-169-232. Statutory remedies of obligee
§ 14-169-233. Additional remedies conferrable on obligees
§ 14-169-234. Exemption of property from execution
§ 14-169-235. Tax exemption of certain property
§ 14-169-236. Fixing of rental rates
§ 14-169-237. Rentals and tenant selection
§ 14-169-238. Right to possession, etc