17-2358.   Transfer of possession or title to federal government;contracts.In any contract with the federal government for annual contributions toa municipality, the municipality may obligate itself (which obligationshall be specifically enforceable and shall not constitute a mortgage,notwithstanding any other law) to convey to the federal governmentpossession of or title to the housing project to which such contractrelates, upon the occurrence of a substantial default (as defined in suchcontract) with respect to the covenants or conditions to which themunicipality is subject; and such contract may further provide that in caseof such conveyance, the federal government may complete, operate, manage,lease, convey, or otherwise deal with the housing project and funds inaccordance with the terms of such contract: Provided, That thecontract requires that, as soon as practicable after the federal governmentis satisfied that all defaults with respect to the housing project havebeen cured and that the housing project will thereafter be operated inaccordance with the terms of the contract, the federal government shallreconvey to the municipality the housing project as then constituted.

      History:   L. 1957, ch. 132, § 22; L. 1973, ch. 96,§ 18; July 1.