2006 New York Code - 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.