7-15-4281. Financial authority in connection with urban renewal. (1) Every municipality shall have power to:
     (a) borrow money and apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the federal government; from the state, a county, or any other public body; or from any sources, public or private, for the purposes of this part and enter into and carry out contracts in connection therewith;
     (b) appropriate such funds and make such expenditures as may be necessary to carry out the purposes of this part and in accordance with state law levy taxes and assessments for such purposes;
     (c) invest any urban renewal project funds held in reserves or sinking funds or any such funds which are not required for immediate disbursement in property or securities in which mutual savings banks may legally invest funds subject to their control;
     (d) adopt, in accordance with state law, annual budgets for the operation of an urban renewal agency, department, or office vested with urban renewal project powers under 7-15-4231;
     (e) enter, in accordance with state law, into agreements, which may extend over any period, with agencies or departments vested with urban renewal project powers under 7-15-4231 respecting action to be taken by such municipality pursuant to any of the powers granted by this part or part 43;
     (f) close, vacate, plan, or replan streets, roads, sidewalks, ways, or other places and plan or replan, zone or rezone any part of the municipality in accordance with state law.
     (2) A municipality may include in any application or contract for financial assistance with the federal government for an urban renewal project such conditions imposed pursuant to federal laws as the municipality may deem reasonable and appropriate and which are not inconsistent with the purposes of this part and part 43.

     History: En. Sec. 7, Ch. 195, L. 1959; amd. Sec. 3, Ch. 210, L. 1969; R.C.M. 1947, 11-3907(part).