§ 157-32.4. Further validation of contracts, agreements, etc. - North Carolina Statutes

§ 157‑32.4. Further validation of contracts, agreements, etc.

All contracts or agreements of housing authorities heretofore enteredinto with the federal government or its agencies, and with municipalities orothers relating to financial assistance for housing projects in which it wasrequired that loans or advances shall bear an interest rate in excess of sixper centum (6%) per annum, or in which a municipality or others had agreed topay funds equal to the interest in excess of six per centum (6%) per annum arehereby validated, ratified, confirmed, approved and declared legal with respectto the payment of interest in excess of six per centum (6%), and all thingsdone or performed in reference thereto. The housing authorities are herebyauthorized to assume the full obligation of the municipalities under thecontracts or agreements with reference to interest in excess of six per centum(6%), and to reimburse any municipality which has made any interest paymentunder such contracts or agreements. (1971, c. 87, s. 2.)