N.Y. General Municipal Law § 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.