Massachusetts General Laws
Chapter 121a - Urban Redevelopment Corporations
Section 12 - Receipt of Loans and Grants From the Federal Government and Other Sources; Borrowing Money; Issuance of Notes and Indebtedness

Section 12. Any such corporation shall have power to receive loans and grants from the federal government or any agency or instrumentality thereof or from any other source, public or private, or to act as agent of or to co-operate with the federal government or any agency or instrumentality thereof on any project of the kind or character authorized by section three; provided that nothing in this section shall operate to impair the powers and duties of the housing board with respect to any such corporation or any project operated by it. Any such corporation shall also have power, subject to the provisions of section seven, to borrow money and to issue bonds, notes and other evidences of indebtedness and to secure the same by the mortgage of its property or the pledge of its revenues, and to do whatever is necessary or convenient to carry out and effectuate the provisions of this chapter.
Notwithstanding any other provisions of this chapter, any such corporation may borrow on mortgages insured or guaranteed by the federal government or any agency or instrumentality thereof to the extent permitted by the federal government or such agency or instrumentality, and may issue such stock, enter into such agreements or perform such acts as may be required by the federal government or its agency or instrumentality in connection with such insurance or guarantee.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XVII - Public Welfare

Chapter 121a - Urban Redevelopment Corporations

Section 1 - Definitions

Section 2 - Declaration of Public Necessity; Acquisition and Regulation of Private Property

Section 3 - Establishment of Corporations to Carry Out Projects; Number of Projects for Each Corporation; Co-Operative Corporations

Section 4 - Rules and Regulations of Housing Boards; Standards for Project Plans; Variations

Section 5 - Application for Approval of Project; Contents

Section 6 - Project Approval; Procedure

Section 6a - Contracts; Contents; Filing; Inspection; Approval; Collection of Amounts Payable

Section 6b - Notice of Hearing

Section 6c - Appeals; Procedure

Section 7 - Borrowing Money to Finance Project; Capital Stock Subscriptions and Sale; Stocks, Bonds or Other Securities of Corporation as Legal Investments

Section 7a - Purchase or Lease of Real Estate by Urban Redevelopment Corporation From Housing Authority; Approval

Section 8 - Inspection of Buildings; Proceedings Upon Violation of Rules and Regulations With Respect to Construction and Financing; Injunction

Section 9 - Limitation in Repayment of Investment in Stock; Limitations of Dividends

Section 10 - Exemption From Taxation and Assessments; Valuation; Appeals; Annual Payment; Additional Tax and Project Approval Procedure

Section 11 - Acquisition and Sale of Land or Interests in Land; Approval

Section 12 - Receipt of Loans and Grants From the Federal Government and Other Sources; Borrowing Money; Issuance of Notes and Indebtedness

Section 13 - Application to Change Type and Character of Buildings on Project; Approval

Section 14 - Contracts With Cities or Towns Relative to Public and Private Ways, Sidewalks, Parks and Other Public Improvements; Contracts for Sale, Lease or Exchange of Real Estate

Section 15 - Application of Receipts in Excess of Authorized Expenditures

Section 16 - Rights, Privileges, Obligations and Duties of Corporation After Period of Organization

Section 16a - Successor in Interest to Corporation; Options; Filing of Certificate

Section 18 - Authority of Insurance Companies to Undertake Projects; Exceptions

Section 18a - Authority of Savings Banks and Co-Operative Banks to Undertake Projects; Limitations; Loans; Association of Banks

Section 18b - Authority of Corporation to Take Over Existing Project; Application; Changes in Project; Certificate of Board

Section 18c - Authority of Persons to Undertake or Acquire and Carry on Urban Redevelopment Projects

Section 18d - Condominium Projects; Regulations

Section 19 - Partial Invalidity