353.150. Borrowing of money and giving of security by corporation.
Borrowing of money and giving of security by corporation.
353.150. 1. Any urban redevelopment corporation may borrow funds andsecure the repayment thereof by mortgage which shall contain reasonableamortization provisions and shall be a lien upon no other real propertyexcept that forming the whole or a part of a single development area.
2. Certificates, bonds and notes, or part interest therein, or anypart of an issue thereof, which are secured by a first mortgage on the realproperty in a development area, or any part thereof, shall be securities inwhich all the following persons, partnerships, or corporations and publicbodies or public officers may legally invest the funds within theircontrol:
(1) Every executor, administrator, trustee, guardian, committee orother person or corporation holding trust funds or acting in a fiduciarycapacity;
(2) Persons, partnerships and corporations organized under or subjectto the provisions of the banking law (including savings banks, savings andloan associations and trust companies);
(3) The state director of finance as conservator, liquidator orrehabilitator of any such person, partnership or corporation;
(4) Persons, partnerships or corporations organized under or subjectto the provisions of the insurance law; fraternal benefit societies; and
(5) The state director of the department of insurance, financialinstitutions and professional registration as conservator, liquidator orrehabilitator of any such person, partnership or corporation.
3. Any mortgage on the real property in a development area, or anypart thereof, may create a first lien, or a second or other junior lien,upon such real property.
4. Any urban redevelopment corporation may sell or otherwise disposeof any or all of the real property acquired by it for the purposes of aredevelopment project. In the event of the sale or other disposition ofreal property of any urban redevelopment corporation by reason of theforeclosure of any mortgage or other lien, through insolvency or bankruptcyproceedings, by order of any court of competent jurisdiction, by voluntarytransfer or otherwise, and the purchaser of such real property of suchredevelopment corporation shall continue to use, operate and maintain suchreal property in accordance with the provisions of any development plan,the legislative authority of any city affected by the provisions of thischapter, may grant the partial tax relief provided in section 353.110; butif such real property shall be used for a purpose different than thatdescribed in the redevelopment plan, or in the event that the purchaserdoes not desire the property to continue under the redevelopment plan, orif the legislative authority shall refuse to grant the purchaser continuingtax relief, the real property shall be assessed for ad valorem taxes uponthe full true value of the real property and may be owned and operated freefrom any of the conditions, restrictions or provisions of this chapter.Nothing in this chapter, any development plan, or any contract shall imposea limitation on earnings as a condition to the granting of partial taxrelief provided in section 353.110 to a purchaser described in thissubsection that is not an urban redevelopment corporation or life insurancecompany operating as an urban redevelopment corporation.
5. Any limitation on earnings imposed on any purchaser that is not anurban redevelopment corporation or life insurance company operating as anurban redevelopment corporation under any existing or future redevelopmentplan or any existing or future contract shall be void.
(L. 1943 p. 751 § 22, A.L. 1945 p. 1242 § 14, A.L. 2008 H.B. 2058)