403A.18 - TRANSFER OF POSSESSION OR TITLE TO FEDERAL GOVERNMENT.

        403A.18  TRANSFER OF POSSESSION OR TITLE TO FEDERAL      GOVERNMENT.         In any contract with the federal government for annual      contributions to a municipality, the municipality may obligate itself      (which obligation shall be specifically enforceable and shall not      constitute a mortgage, notwithstanding any other law) to convey to      the federal government possession of or title to the housing project      to which such contract relates, upon the occurrence of a substantial      default (as defined in such contract) with respect to the covenant or      conditions to which the municipality is subject; and such contract      may further provide that in case of such conveyance, the federal      government may complete, operate, manage, lease, convey or otherwise      deal with the housing project and funds in accordance with the terms      of such contract:  Provided, that the contract requires that, as soon      as practicable after the federal government is satisfied that all      defaults with respect to the housing project have been cured and that      the housing project will thereafter be operated in accordance with      the terms of the contract, the federal government shall reconvey to      the municipality the housing project as then constituted.  
         Section History: Early Form
         [C62, 66, 71, 73, 75, 77, 79, 81, § 403A.18]