New York Laws
Article 15 - Urban Renewal
511 - Authority of Municipality; Other Terms of Contract.

§ 511. Authority of municipality; other terms of contract. 1. Any
municipality is authorized to enter into agreement with the state to
receive such loans, periodic subsidies and state capital grants to
assist such municipality to establish and carry out one or more programs
of urban renewal.

2. In the case of a loan, the loan contract shall provide that upon
any date when an installment of principal shall become due and payable
the municipality may anticipate any installment which would otherwise
become due and payable thereafter.

3. In every contract for a loan and periodic subsidy or for a capital
grant by the state, the acts constituting a substantial breach of the
provisions set forth therein shall be defined in such terms as the
commissioner shall deem to be in the public interest and as are
consistent with the provisions of this article and the purposes of the
program for which such aid is sought. In any loan contract, the
commissioner shall retain the right, among other rights and remedies, in
the event of such substantial breach, to declare any unpaid balance to
be due forthwith and to reduce or terminate any periodic subsidies
payable under the contract.

4. Every such contract may contain such other terms, covenants and
conditions as shall be agreed upon and as are consistent with the
provisions of this article and the purposes of the urban renewal
program.