(310 ILCS 10/27) (from Ch. 67 1/2, par. 27)
Sec. 27.
In addition to the powers conferred by other provisions of this
Act, an authority shall have power to borrow money or accept grants or
other financial assistance from the Federal government for or in aid of any
project, to procure or agree to the procurement of insurance or guarantees
from the Federal government of the payment of any bonds or parts thereof
issued by such Authority, including the power to pay premiums on any such
insurance, to purchase, take over, lease or manage any housing facilities,
project or undertaking constructed or owned by the Federal government
(notwithstanding Section 10 of this Act), and to these ends, to comply
with such conditions and enter into such trust indentures, leases or
agreements as may be necessary, convenient or desirable. It is the purpose
and intent of this Act to authorize every Authority to do any and all
things necessary or desirable to secure the financial aid or cooperation of
the Federal government in the purchasing, acquiring, constructing,
maintaining, operating, improving, extending and repairing of housing
projects, in rehabilitating existing structures for purposes of making
available additional dwelling units, and in the assembly of improved and
unimproved property for development or redevelopment purposes by either
public or private agencies.
(Source: Laws 1949, p. 1013.)
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