551 - Policy and purposes of article.

§ 551. Policy and purposes of article. It is hereby declared to be the  policy  of  this state to promote the expeditious undertaking, financing  and completion of municipal urban renewal programs by  the  creation  of  municipal  urban  renewal  agencies  which  are  hereby  declared  to be  governmental agencies and instrumentalities and to grant to  such  urban  renewal agencies the rights and powers provided in this article. The use  of  such  rights  and powers is a public purpose essential to the public  interest, and for which public funds may be expended.