§53-33 Advances by redevelopment corporation. A redevelopment agency may enter into a contract with a redevelopment corporation at any time after approval of a redevelopment plan whereby the corporation will pay or agree to pay an agreed sum or sums, or such sums as may be necessary, to be expended by the agency in the acquisition or clearing, or both, of real property for a redevelopment project, under such terms as are satisfactory to the agency; provided that no contract may obligate the agency to refund any portion of the sums so paid except such portion as may remain unexpended after the acquisition or clearing, or both. The contract may include an agreement to sell or lease property subject to sale or lease covered by the redevelopment project to the redevelopment corporation after acquisition and clearing of the land in the project. [L 1949, c 379, §16; am L 1951, c 244, §7; RL 1955, §143-32; am L 1959, c 44, §4; HRS §53-33]
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