BLAIR LEE III, Acting Governor

1151

TO GIVE WHATEVER SECURITY AS MAY BE REQUIRED FOR THIS
FINANCIAL ASSISTANCE; AND

(4) TO INVEST ANY URBAN RENEWAL FUNDS HELD IN
RESERVES OR SINKING FUNDS OR ANY OF THESE FUNDS NOT REQUIRED
FOR IMMEDIATE DISBURSEMENT IN PROPERTY OR SECURITIES WHICH
ARE LEGAL INVESTMENTS FOR OTHER MUNICIPAL FUNDS;

(D)    (1) TO HOLD, IMPROVE, CLEAR, OR PREPARE FOR
REDEVELOPMENT ANY PROPERTY ACQUIRED IN CONNECTION WITH URBAN
RENEWAL PROJECTS;

(2)    TO MORTGAGE, PLEDGE, HYPOTHECATE, OR
OTHERWISE ENCUMBER THAT PROPERTY; AND

(3)    TO INSURE OR PROVIDE FOR THE INSURANCE OF
THE PROPERTY OR OPERATIONS OF THE MUNICIPALITY AGAINST ANY
RISKS OR HAZARDS, INCLUDING THE POWER TO PAY PREMIUMS ON ANY
SUCH INSURANCE;

(E)    TO MAKE AND EXECUTE ALL CONTRACTS AND OTHER
INSTRUMENTS NECESSARY OR CONVENIENT TO THE EXERCISE OF ITS
POWERS UNDER THIS SUBHEADING, INCLUDING THE POWER TO ENTER
INTO AGREEMENTS WITH OTHER PUBLIC BODIES OR AGENCIES (THESE
AGREEMENTS MAY EXTEND OVER ANY PERIOD, NOTWITHSTANDING ANY
PROVISION OR RULE OF LAW TO THE CONTRARY), AND TO INCLUDE IN
ANY CONTRACT FOR FINANCIAL ASSISTANCE WITH THE FEDERAL
GOVERNMENT FOR OR WITH RESPECT TO AN URBAN RENEWAL PROJECT
AND RELATED ACTIVITIES WHATEVER CONDITIONS IMPOSED PURSUANT
TO FEDERAL LAWS AS THE MUNICIPALITY CONSIDERS REASONABLE AND
APPROPRIATE;

(F)    TO ENTER INTO ANY BUILDING OR PROPERTY IN ANY
URBAN RENEWAL AREA IN ORDER TO MAKE INSPECTIONS, SURVEYS,
APPRAISALS, SOUNDINGS, OR TEST BORINGS, AND TO OBTAIN AN
ORDER FOR THIS PURPOSE FROM THE CIRCUIT COURT FOR THE COUNTY
IN WHICH THE MUNICIPALITY IS SITUATED IN THE EVENT ENTRY IS
DENIED OR RESISTED;

(G)    TO PLAN, REPLAN, INSTALL, CONSTRUCT, RECONSTRUCT,
REPAIR, CLOSE, OR VACATE STREETS, ROADS, SIDEWALKS, PUBLIC
UTILITIES, PARKS, PLAYGROUNDS, AND OTHER PUBLIC IMPROVEMENTS
IN CONNECTION WITH AN URBAN RENEWAL PROJECT; AND TO MAKE
EXCEPTIONS FROM BUILDING REGULATIONS;

(H) TO GENERALLY ORGANIZE, COORDINATE, AND DIRECT THE
ADMINISTRATION OF THE PROVISIONS OF THIS SUBHEADING AS THEY
APPLY TO THE MUNICIPALITY IN ORDER THAT THE OBJECTIVE OF
REMEDYING SLUM AND BLIGHTED AREAS AND PREVENTING ITS CAUSES
WITHIN THE MUNICIPALITY MAY BE PROMOTED AND ACHIEVED MOST
EFFECTIVELY;

(I) TO EXERCISE ALL OR ANY PART OR COMBINATION OF THE
POWERS GRANTED IN THIS SUBHEADING.

29-31. ESTABLISHMENT OF URBAN RENEWAL AGENCY

(A) A MUNICIPALITY MAY ITSELF EXERCISE ALL THE POWERS