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(read full text at: http://public.leginfo.state.ny.us/menugetf.cgi under Article 18-C)
New York State General Municipal Law
MUNICIPAL REDEVELOPMENT LAW
Section 970-a. Short title.
970-b. Legislative findings and declaration.
970-c. Definitions.
970-d. Survey area studies.
970-e. Project area.
970-f. Redevelopment plan.
970-g. Plan review.
970-h. Public hearings and plan adoption.
970-i. Acquisition of property.
970-j. Relocation of displaced persons.
970-k. Clearance, improvements and site preparation.
970-l. Property disposition, rehabilitation and development.
970-m. Amendment of redevelopment plan.
970-n. Joint undertakings.
970-o. Tax increment bonds.
970-p. Allocation of taxes.
970-q. Annual report.
§ 970-a. Short title. This article shall be known and may be cited as the "municipal redevelopment law".
§ 970-b. Legislative findings and declaration. It is hereby found and declared that there exists in many communities blighted areas which threaten the economic and social well-being of the people of the state. Blighted areas are characterized by one or more of the conditions set forth in subdivision (a) of section nine hundred sixty-c of this article.
It is further found and declared that such conditions of blight tend to further obsolescence, deterioration and disuse and that remedying such conditions is necessary to facilitate commercial and industrial development, to maintain and expand the supply of low and moderate-income housing and to maintain and expand employment opportunities for jobless, underemployed and low income persons.
For these reasons it is declared to be the policy of the state to protect and promote the sound development and redevelopment of blighted areas and whenever the redevelopment of such areas cannot be accomplished by private enterprise alone without public participation and assistance in the acquisition of land, in planning and in the financing of land assembly, in the work of clearance, and in the making of improvements necessary therefore, it is in the public interest to employ the power of eminent domain, to advance or expend public funds for these purposes, and to provide a means by which blighted areas may be redeveloped or rehabilitated.
§ 970-c. Definitions.
(a) "Blighted area" means an area within a municipality in which one or more of the following conditions exist: (i) a predominance of buildings and structures which are deteriorated or unfit or unsafe for use or occupancy; or (ii) a predominance of economically unproductive lands, buildings or structures, the redevelopment of which is needed to prevent further deterioration which would jeopardize the economic well being of the people.
(b) "Legislative body" means the governing body of a municipality empowered to adopt and amend local laws and ordinances; provided, however, that in the case of the city of New York, the legislative body shall, for the purposes of this article be the board of estimate.
(c) "Low and moderate income families and persons" means those persons who would qualify as low and moderate income persons and families under Sections 1715z and 1715z-1 of Title 12 of the United States Code as those definitions in those sections now exist or may be amended, replaced, or superseded.
(d) "Master plan" means the plan for development of a municipality adopted by the planning agency of the municipality.
(e) "Municipality" means a city, village, town or a county other than a county located wholly within a city.
(f) "Planning agency" means the planning board or commission of the municipality.
(g) "Project area" means an area of a community which is a blighted area, the redevelopment of which is necessary to effectuate the purposes of this article. A project area need not be restricted to buildings, improvements or lands which are detrimental or inimical to the public health, safety or welfare, but may consist of an area in which such conditions predominate and adversely affect the entire area. A project area may include lands, buildings or improvements which are not detrimental or inimical to the public health, safety or welfare, but whose inclusion is found necessary by the municipality for the effective redevelopment of the area of which they are a part. All lands, buildings or improvements included in a project area shall be necessary for effective redevelopment and shall not be included for the purposes of obtaining the allocation of tax increment revenue without clear justification for their inclusion. A project area shall not include land utilized for agricultural production.
(h) "Real property" means: (i) land, including land under water and waterfront property; (ii) buildings, structures, fixtures, and improvements on the land; (iii) any property appurtenant to or used in connection with the land; and (iv) every estate, interest, privilege, easement, franchise, and right in land, including rights-of-way, term for years, and liens, charges, or encumbrances by way of judgment, mortgage, or otherwise and the indebtedness secured by such liens.
§ 970-d. Survey area studies. Upon a finding that a study to determine if a redevelopment project within a specified area is feasible, the legislative body of a municipality may by resolution designate such area as a survey area and upon such designation shall undertake or cause to be undertaken such studies as are necessary to determine the feasibility of such redevelopment project within the survey area. Any person, group, association or corporation may in writing, request the legislative body to designate a survey area or areas for project study purposes, and may submit with their request plans showing the proposed redevelopment of such area or areas or any part or parts thereof.
§ 970-e. Project area. Based on the results of a survey area study or studies a legislative body may by resolution select one or more project areas for redevelopment pursuant to this article and provide for the preparation of preliminary plans for such redevelopment projects. Such preliminary plans shall include:
(a) A description of the boundaries of the project area.
(b) A general statement of the land uses, layout of principal streets and population densities and standards proposed as the basis for the redevelopment of the project area.
(c) A statement of how the purposes of this article would be achieved by such redevelopment.
(d) A description of how the preliminary plan for redevelopment conforms to the master plan of the municipality should such a plan exist.
(e) A general statement of the impact of the project upon residents thereof and upon the surrounding neighborhood.
(f) A statement of why redevelopment of the project area would not be undertaken were it not for the purposes and provisions of this article.
(g) To the extent required by article eight of the environmental conservation law, an environmental impact statement prepared in accordance with section 8-0109 of such article.
The legislative body shall also provide for the review of such preliminary plans by the planning agency and any other agency or department of the municipality with responsibility for zoning or land use planning. Nothing in this article shall be construed to supersede the requirements and procedures for the zoning and use of land as may otherwise be prescribed by law.
§ 970-f. Redevelopment plan. If the legislative body, by resolution, approves a preliminary plan it shall provide for preparation of a redevelopment plan for each project area. Each such redevelopment plan:
(a) shall contain a legal description of the boundaries of the project area and shall be based upon the preliminary plan;
(b) shall show by diagram and in general terms:
(i) the approximate amount of open space to be provided and street layout;
(ii) limitations on type, size, height, number and proposed use of buildings;
(iii) the approximate number of dwelling units; and
(iv) the property to be devoted to public purposes and the nature of such purposes;
(c) shall contain a neighborhood impact statement, which describes the physical, social and economic conditions existing in the area and describes the impact of the project upon the residents of the project area and the surrounding areas, in terms of relocation, traffic circulation, environmental quality, availability of community facilities and services, effect on school population and quality of education, property assessments and taxes, and other matters affecting the physical and social quality of the neighborhood;
(d) shall describe the proposed method of financing the redevelopment of the project area in detail sufficient to determine the economic feasibility of the plan;
(e) shall provide for the municipality to lease or sell all real property acquired by it in any project area, except property retained by the municipality for public purposes as provided by the redevelopment plan;
(f) shall contain adequate safeguards that the work of redevelopment will be carried out pursuant to the plan and provide for the retention of controls and the establishment of any restrictions or convenants running with land sold or leased for private use for such periods of time and under such conditions as the legislative body deems necessary to effectuate the purposes of this article;
(g) shall contain other covenants, conditions, and restrictions which the legislative body prescribes;
(h) may provide for participation in the redevelopment of property in the project area by the owners of all or part of such property if the owners agree to participate in the redevelopment in conformity with the redevelopment plan adopted by the legislative body for the area. Such plan may extend reasonable preference to persons who are engaged in business in the project area to reenter in business within the redeveloped area if they otherwise meet the requirements prescribed by the redevelopment plan. Every redevelopment plan which contemplates property owner participation in the redevelopment of the project area shall contain alternative provisions for redevelopment of the property if the owners fail to participate in the redevelopment as agreed;
(i) may provide for the issuance of bonds by the municipality and for the use of the proceeds from their sale in carrying out the redevelopment plan. If such an issuance is provided for, the redevelopment plan shall also contain adequate provision for the payment of principal and interest when they become due and payable;
(j) may provide for the municipality to acquire by gift, purchase, lease, or condemnation all or part of the real property in the project area;
(k) may provide for the expenditure of money by the municipality and for the municipality to undertake and complete any proceedings necessary to carry out the project;
(l) shall provide a limitation on the amount of bonds which may be issued pursuant to section nine hundred sixty-o of this article for the purpose of carrying out or administering the redevelopment plan;
(m) may provide in any year during which the municipality owns real property in a redevelopment project for the payment to any city, county, town, village or district for whose benefit a tax would have been levied upon such property had it not been exempt, an amount of money in lieu of taxes;
(n) shall provide a plan for the relocation of families and persons to be temporarily or permanently displaced from housing facilities in the project area, which plan shall include the provision required by section nine hundred sixty-j that no person or family of low and moderate income shall be displaced unless and until there is suitable housing available and ready for occupancy by such displaced person or family at rents comparable to those paid at the time of their displacement.
§ 970-g. Plan review. Before any redevelopment plan is adopted by the legislative body, it shall submit such plan to the planning agency for its review and recommendations. Such review shall consider the conformity of such redevelopment plan with any master plan which has been adopted by the planning agency and approved by the legislative body. The planning agency may recommend for or against the approval of the redevelopment plan. Within thirty days after a redevelopment plan is submitted to it for consideration, the planning agency shall make and file its review and recommendations with the legislative body. If the planning agency does not report upon the redevelopment plan within thirty days after its submission, the legislative body may thereafter approve the plan without the review and recommendations of the planning agency.
§ 970-h. Public hearings and plan adoption.
(a) Before any redevelopment plan is adopted by the legislative body it shall conduct a public hearing on such plan and shall, at least biennially, conduct a public hearing for the purpose of reviewing the redevelopment plan for each redevelopment project within its jurisdiction and evaluating its progress.
(b) Notice of the hearing shall be posted in at least four prominent places within the project area for a period of three weeks prior to such hearing and shall be published not less than once a week for three successive weeks prior to the hearing in a newspaper of general circulation in the municipality involved. The notice of hearing shall include a legal description of the boundaries of the area or areas designated in the proposed redevelopment plan and a general statement of the scope and objectives of the plan. A copy of the notices shall be mailed to the last known owner of each parcel of land in the area designated in the redevelopment plan. A copy of the notice shall also be mailed to the legislative body of each of the taxing jurisdictions which levies taxes upon any real property in the project area designated in the proposed redevelopment plan.
(c) Any and all persons who have any objections to the proposed redevelopment plan or who deny the existence of blight as defined by subdivision (a) of section nine hundred sixty-c of this article, in the proposed project area, or the legality or appropriateness of any of the prior proceedings, may appear before the legislative body at such public hearing and show cause why the proposed plan should not be adopted. At any time not later than the hour set for hearing objections to the proposed redevelopment plan, any person may file in writing with the clerk of the legislative body a statement of such person's objections to the proposed plan.
(d) At the hour set in the notice for hearing objections, the legislative body shall proceed to hear and consider all written and oral objections. Before adopting the redevelopment plan the legislative body shall consider the report of the planning agency if such a report has been submitted.
(e) After such hearing and at any time prior to the adoption of the plan, the legislative body may change such plan, or change the boundaries of the project area to exclude land from the project area provided, however, that a change in the redevelopment plan or change in the boundaries that would affect the plan's conformity with the master plan of the municipality may be made only after receipt of a report and recommendation from the planning agency concerning such changes. The planning agency may recommend for or against the changes. Within thirty days after a change is submitted to it for consideration the planning agency shall make and file its report and recommendations with the legislative body. If the planning agency does not report upon the change within thirty days after having received such change from the legislative body, the legislative body may proceed to act upon the plan and such changes without the report of the planning agency. The legislative body shall consider any proposed changes at a public hearing reopened for that limited purpose.
(f)
After the close of the hearing
on the
redevelopment plan
the legislative body may, by resolution, adopt the redevelopment plan
as the official redevelopment plan for the project area. If the planning
agency has recommended
against the
approval of the
redevelopment plan, the legislative body may adopt such plan by a two-thirds
vote of its entire membership. If the planning agency has recommended
approval or failed to make
any recommendation
within the time allowed, the legislative body
(g) The
legislative body at the
time of, or in connection with, the adoption of the plan, shall
declare its
intention to
undertake and complete any
proceedings necessary to be carried out by the municipality under the
provisions of the plan.
(h) After
the adoption
by the legislative body of
a redevelopment plan, the legislative body shall
transmit a
copy of
the resolution adopting the
plan, and a map or plat
indicating the boundaries of the project area to the official or officials
responsible for the assessment for real property tax purposes of the property
included in the
project
(a) Within the project area a municipality may upon adoption of the redevelopment plan by the legislative body, purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property, any interest in property, and any improvements on it or acquire real property by eminent domain.
(b) Without the consent of an owner, the agency shall not acquire any real property on which an existing building is to remain on its present site and in its present form and use unless such building requires structural alteration, improvement, modernization or rehabilitation, or the site or lot on which the building is situated requires modification in size, shape or use or it is necessary to impose upon such property any of the standards, restrictions and controls of the plan and the owner fails or refuses to agree to participate in the redevelopment plan.
§ 970-j. Relocation of displaced persons. The legislative body shall prepare a feasible plan for relocation of all families and persons to be temporarily or permanently displaced from housing facilities in the project area. The legislative body shall insure that such plan for the relocation of families or single persons to be displaced by a project shall provide that no person or family of low and moderate income shall be displaced unless and until there is suitable housing available and ready for occupancy by such displaced person or family at rents comparable to those paid at the time of their displacement. Such housing shall be suitable to the needs of such displaced person or family including, but not limited to, access to work, adequate space and other financial considerations and such housing must be decent, safe, sanitary, and otherwise standard dwellings. The agency shall not displace such person or family until such housing is available and ready for occupancy.
§ 970-k. Clearance, improvements and site preparation.
(a) A municipality may demolish or move buildings, structures, or other improvements from any real property acquired. The municipality may develop as a building site any real property owned or acquired by it. In connection with such development it may cause, provide or undertake or make provision with other agencies for the installation, or construction of streets, utilities, parks, playgrounds and other public improvements necessary for carrying out the redevelopment plan.
(b) Any work of grading, clearing, demolition, or construction or installation of public improvements shall be done by contract subject to provisions of state and local law applicable to the letting of public works contracts. Where the work does not require competitive bids the agency may give priority for such work to the residents of such redevelopment project areas and to persons displaced from such areas as a result of redevelopment activities. To the greatest extent feasible, contracts for work to be performed in connection with any redevelopment project shall be awarded to business concerns which are located in, or owned in the substantial part, by persons residing in the project area. To the greatest extent feasible, opportunities for training and employment arising from any contract for work to be performed in connection with any redevelopment project shall be given to low-income persons who are residents of the project area. The municipality shall require each successful bidder to file with it good and sufficient bonds, to be approved by it. The bonds shall be conditioned upon the faithful performance of the contract and upon the payment of all claims for labor and material in connection with the contract.
§ 970-l. Property disposition, rehabilitation and development.
(a) A municipality in order to implement a redevelopment plan adopted by the legislative body, may for purposes of redevelopment, sell, lease, exchange, subdivide, transfer, assign, pledge, encumber by mortgage, deed of trust or otherwise, or otherwise dispose of any real or personal property or any interest in property. Any lease or sale may be made without public bidding but only after a public hearing, notice of which shall be given by publication for not less than once a week for two weeks prior to the hearing in a newspaper of general circulation published in the county in which the land lies. Except as otherwise provided by this article the municipality shall lease or sell all real property acquired by it in any project area, except property conveyed by it to a municipality, school district or improvement district for public purposes as provided by the redevelopment plan. Each such lease or sale shall be conditioned on the redevelopment and use of the property in conformity with the redevelopment plan.
(b) The municipality may obligate lessees or purchasers of property acquired in a redevelopment project to use the property for the purpose designated in the redevelopment plan, begin the redevelopment of the project area within a period of time which the agency fixes as reasonable and comply with other conditions which the agency deems necessary to carry out the purposes of this article. The municipality may provide in the contract that any of the obligations of the purchasers are covenants or conditions running with the land, the breach of which shall cause the ownership to revert to the agency.
(c) The municipality may sell, lease, grant, or donate real property owned or acquired by it in a project area for the purpose of providing housing for low or moderate income individuals or families.
(d) Property acquired by the municipality for rehabilitation and resale shall be offered for resale within one year after completion of rehabilitation, or in the event that such property has not been offered for resale within one year an annual report shall be published by the agency in a newspaper of general circulation published in the municipality listing any rehabilitated property held by the agency in excess of such one-year period, stating the reasons such property remains unsold and indicating plans for its disposition.
(e) The term of lease by the agency of real property shall not exceed ninety-nine years.
§ 970-m. Amendment of redevelopment plan. If at any time after the adoption of a redevelopment plan for a project area by the legislative body, it becomes necessary or desirable to amend or modify such plan, the legislative body may by resolution amend such plan. Such amendments may include a change in the boundaries of the project area to add land to or, prior to the issuance of indebtedness pursuant to section nine hundred sixty-o as provided by such redevelopment plan, exclude land from the project area. An amendment or modification of the plan shall be approved pursuant to subdivisions (a) through (g) of section nine hundred sixty-h of this article. Upon adoption of the amended plan by the legislative body the legislative body shall transmit the amended plan as provided by subdivision (h) of such section.
§ 970-n. Joint undertakings. Two or more municipalities may in combination jointly exercise the powers granted under this article pursuant to either subdivision (a) or (b) of this section.
(a) (i) The legislative bodies of two or more municipalities acting separately may each by resolution designate the legislative body of one of the municipalities to act as agent for all of the interested municipalities. (ii) If one agent is designated pursuant to this subdivision, it shall obtain the report and recommendation of the planning agency of each municipality on the redevelopment plan and its conformity to the master plan of each municipality before presenting the redevelopment plan to the legislative body of each municipality. In order for a preliminary plan to be adopted or for a redevelopment plan to be adopted or amended approval must be obtained by resolution of the legislative body of each municipality acting separately. The legislative body which has been designated as agent, the municipality which such legislative body represents and the planning agency of such municipality shall, unless otherwise provided by this section, exercise all other powers, duties and responsibilities for the purpose of redevelopment pursuant to this article in the same manner as if such municipality were acting alone. (iii) If two or more municipalities jointly exercise the powers granted under this subdivision and a redevelopment plan as adopted provides for the allocation of real property tax revenues pursuant to section nine hundred sixty-o of this article the real property taxes of each municipality shall be allocated pursuant to such section. (iv) If two or more municipalities jointly exercise the powers granted under this subdivision and the redevelopment plan as adopted provides for the issuance of indebtedness pursuant to section nine hundred sixty-o of this article, such indebtedness shall either be issued jointly by the municipalities and the resolution authorizing the issuance of such indebtedness must be approved by the legislative body of each municipality acting separately or shall be issued by resolution of the designated agent on behalf of the municipality it represents and, by resolution of its legislative body, each municipality shall irrevocably pledge the revenues allocated pursuant to section nine hundred sixty-p of this article to the repayment of such indebtedness and any interest thereon. (v) The joint exercise of powers authorized by this subdivision shall be permitted only for the purpose of redevelopment of an area located wholly within each municipality.
(b) (i) The legislature may by special act establish on behalf of and for the benefit of more than one municipality, a municipal redevelopment authority or empower an existing public corporation to carry out the purposes and provisions of this article. Upon the establishment of a municipal redevelopment authority the legislative body of each municipality shall file within one year after the effective date of such special act, in the office of the secretary of state, a certificate setting forth (1) the date of passage of such special act; (2) the name of the authority; and (3) the name or names of the member or members appointed by such governing body and their terms of office. Each such certificate shall be accompanied by a copy of the intermunicipal agreement under which membership on the authority is apportioned among the sponsoring municipalities and a copy of the local law approving the same. Such authority shall be deemed to be and shall be in existence upon the satisfactory filing and receipt of the certificate or certificates required by this paragraph and shall thereafter be perpetual in duration.
(ii) A
municipal redevelopment authority shall
be a
corporate governmental agency constituting a public benefit
corporation. Except as otherwise provided by special act of the legislature,
an authority shall consist of not less than five nor more
than nine
members. Membership shall
be apportioned
among the
municipalities, and
the manner of selection of
a chairman
determined by
an intermunicipal
agreement
(iii) Unless otherwise
provided by this subdivision or by the special act of the legislature
establishing a municipal redevelopment authority
or empowering an
existing public corporation to carry out the purposes and provisions of this
article, such authority
or public
corporation shall have
the powers,
duties and
responsibilities granted
a
(iv) The authority or public corporation shall have the power to apply
for and to accept any gifts or grants or loans of funds or
property or financial or other
aid in any form from the federal government or any agency or
instrumentality thereof, or from the state or
any agency
or instrumentality thereof
or from any other source, for any or all of the purposes
specified in this article,
and to comply, subject
to the provisions
of this article, with the terms and conditions thereof.
(v) (1) An authority or public corporation shall have the powers and
duties granted municipalities
pursuant to section nine hundred sixty-o of this article to issue tax
increment bonds and tax increment bond anticipation notes.
Such bonds and notes shall be bonds and notes of
the authority or
public corporation and
neither the state nor any municipality shall be liable on such bonds and notes
and such bonds and notes shall not be
a debt of the state or of any municipality.
(2) The
bonds and
notes of an authority or
public corporation are hereby made securities in which all public officials
and bodies of the state and
all municipalities, all insurance companies and associations and other
persons carrying on an insurance business, all banks, bankers, trust
companies, savings
banks and
savings associations,
including savings and loan
associations, investment companies and other persons
(3) The state does hereby pledge to and agree with the holders of
any bonds and notes issued by an authority or public corporation
pursuant to this article
that the state will not
alter or limit the rights hereby vested in the authority to fulfill the terms
of any agreement made with or
for the benefit of such holders, or in any way impair the rights and
remedies of such holders, until the bonds or notes,
together with
the interest thereon, with
interest on any unpaid installments of interest, and all costs and expenses in
connection with any action or proceeding by or
on behalf
of such
holders, are fully met and
discharged. An authority or public corporation is authorized to include this
pledge and agreement of the state in any agreement with such holders.
(vi) Any bonds or notes issued
pursuant to
this article
and the interest thereon as well as the revenues, moneys and all other
property and activities of an authority or public
corporation shall
be exempt from
taxation for municipal and state purposes, except for transfer and
estate taxes. The state hereby
covenants with the purchasers and
with all subsequent
holders and transferees of bonds issued by an authority or public
corporation pursuant to this paragraph, in
consideration of the acceptance
of and
payment for
the bonds, that the bonds of the authority or public corporation issued
pursuant to this
paragraph and the
income therefrom
and all
revenues, moneys,
and other property pledged to secure the payment of such bonds shall at
all times be
free
§ 970-o. Tax increment bonds. (a) For the purpose of carrying out or administering a redevelopment plan adopted by the legislative body, a municipality is hereby authorized, without limiting its authority under other provisions of law, to issue by resolution of its legislative body tax increment bonds or tax increment bond anticipation notes of the municipality which are payable from and secured by real property taxes, in whole or in part, allocated to and paid pursuant to the provisions of section nine hundred sixty-p of this article. The pledge of such real property taxes allocated and paid shall constitute a first lien on the revenues derived therefrom and tax increment bonds or tax increment bond anticipation notes, the repayment of which is secured by such revenues shall not be subordinate to any other indebtedness of the municipality with respect to the pledge of such revenues. The municipality shall have the power to issue renewal notes, to issue bonds to pay notes and whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund bonds then outstanding and partly for any other purposes.
(b) In contracting indebtedness pursuant to subdivision (a) of this section a municipality shall not pledge its faith and credit or the faith and credit of the state to the payment of principal thereof and the interest thereon.
(c) Bonds and notes issued pursuant to this section shall bear such date or dates and mature at such time or times, in the case of any note or any renewals thereof not to exceed five years from the date of issue of such original note, and in the case of any bond not exceeding the probable useful life of the object or purpose for which such bond is issued, as the bond or note resolution or resolutions may provide. The notes and bonds shall bear interest at such rates per annum payable at such times, be in such denominations, be in such form either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America, at such place or places and be subject to such terms of redemption, as the bond or note resolution or resolutions may provide. The notes and bonds may be sold at public or private sale at such price or prices as the municipality shall determine. No notes or bonds may be sold at private sale unless such sale and the terms thereof have been approved in writing by the state comptroller provided, however, that if such notes or bonds are sold at private sale to the state comptroller, the sale and terms thereof shall first be approved in writing by the state director of the budget.
(d)
Any resolution or resolutions authorizing any tax increment
bonds or tax
increment notes
or any issue thereof may
contain provisions, which shall be a part of the contract with the holders
thereof, as to: (i)
pledging all or a part of the taxes allocated pursuant to
section nine hundred
sixty-p of this article or
the proceeds from the sale of property acquired with the proceeds of such
notes or bonds to secure the payment of
such notes or bonds or of any issue thereof, subject to such agreements with bondholders or noteholders as may exist;
(ii) the setting aside of reserve or sinking funds and the
regulation and disposition thereof;
(iii) limitations on the purpose to which the proceeds of the sale
of notes or
bonds may be applied and pledging such proceeds to secure the payment
of the notes or bonds or any issue thereof;
(iv) the procedure, if any, by which the terms of
any contract
with noteholders or
bondholders may be amended
or abrogated, the amount of notes or bonds the holders of which must consent
thereto, and the manner in which such consent may be given;
(v) vesting in a trustee or trustees such property, rights, powers and
duties in trust as the municipality shall determine.
(e) A
bond resolution or bond anticipation note resolution shall be
authorized for each redevelopment plan adopted by the legislative body
which provides
for the
financing of redevelopment
projects from the proceeds of such notes and bonds.
(f) Neither the expenditure of money for an obje