§ 45-32-49 - Guarantee and acceptance of responsibility by community.
SECTION 45-32-49
§ 45-32-49 Guarantee and acceptance ofresponsibility by community. – (a) Any community, for the purpose of aiding in the undertakings authorized by§ 45-32-48, notwithstanding any other provisions of the general laws, hasthe power and right to assume the responsibility for and to guarantee repaymentof any loan made to an agency by private financial institutions or the federalgovernment on terms and conditions that it may deem proper and to bear any losswhich may arise as the result of the acquisition of the real property, alladministrative costs and other payments relating thereto, including themanagement thereof, the actual sums disbursed to the occupants for relocationexpenses (notwithstanding the limitation in amount imposed by § 45-31-27),the demolition and removal of buildings or structures on the real property, andthe clearance and improvement of the land so acquired, in the event theredevelopment plan for the project is not approved or is amended to omit any orall property, or is abandoned for any reason.
(b) No guarantee or responsibility shall be executed orassumed by any community until the legislative body of the community has passedan ordinance specifically authorizing the assumption of a guarantee andacceptance of responsibility.
(c) Before passing an ordinance, the legislative body of thecommunity or its committee to which the proposed ordinance has been referred,shall hold a public hearing after giving notice of the date, time, place, andpurpose.
(d) The notices shall be published not less than once a weekfor three (3) successive weeks prior to the hearing in a newspaper of generalcirculation published in the community or, if no newspaper is published in acommunity, then in a newspaper of general circulation in the community.
(e) At the public hearing, all interested persons or agenciesshall have an opportunity to be heard and to submit communications in writing.The public hearing may be held jointly with the hearing required under §45-32-4 and/or with the hearing required under § 45-32-11 if thelegislative body so directs.