§ 160A-526. Contracts and agreements validated. - North Carolina Statutes

§ 160A‑526. Contracts and agreements validated.

All contracts or agreements of redevelopment commissions heretoforeentered into with the federal government or its agencies, and withmunicipalities or others relating to financial assistance for redevelopmentprojects in which it was required that loans or advances shall bear an interestrate in excess of six per centum (6%) per annum, or in which a municipality orothers had agreed to pay funds equal to the interest in excess of six percentum (6%) per annum are hereby validated, ratified, confirmed, approved anddeclared legal with respect to the payment of interest in excess of six percentum (6%), and all things done or performed in reference thereto. Theredevelopment commissions are hereby authorized to assume the full obligationof the municipalities under the contracts or agreements with reference tointerest in excess of six per centum (6%), and to reimburse any municipalitywhich has made any interest payment under such contracts or agreements. (1971, c. 87, s. 4; 1973, c. 426, s. 75.)