§ 970-n. Joint undertakings. Two or more municipalities may in
combination jointly exercise the powers granted under this article
pursuant to either subdivision (a) or (b) of this section.

(a) (i) The legislative bodies of two or more municipalities acting
separately may each by resolution designate the legislative body of one
of the municipalities to act as agent for all of the interested
municipalities.

(ii) If one agent is designated pursuant to this subdivision, it shall
obtain the report and recommendation of the planning agency of each
municipality on the redevelopment plan and its conformity to the master
plan of each municipality before presenting the redevelopment plan to
the legislative body of each municipality. In order for a preliminary
plan to be adopted or for a redevelopment plan to be adopted or amended
approval must be obtained by resolution of the legislative body of each
municipality acting separately. The legislative body which has been
designated as agent, the municipality which such legislative body
represents and the planning agency of such municipality shall, unless
otherwise provided by this section, exercise all other powers, duties
and responsibilities for the purpose of redevelopment pursuant to this
article in the same manner as if such municipality were acting alone.

(iii) If two or more municipalities jointly exercise the powers
granted under this subdivision and a redevelopment plan as adopted
provides for the allocation of real property tax revenues pursuant to
section nine hundred seventy-o of this article the real property taxes
of each municipality shall be allocated pursuant to such section.

(iv) If two or more municipalities jointly exercise the powers granted
under this subdivision and the redevelopment plan as adopted provides
for the issuance of indebtedness pursuant to section nine hundred
seventy-o of this article, such indebtedness shall either be issued
jointly by the municipalities and the resolution authorizing the
issuance of such indebtedness must be approved by the legislative body
of each municipality acting separately or shall be issued by resolution
of the designated agent on behalf of the municipality it represents and,
by resolution of its legislative body, each municipality shall
irrevocably pledge the revenues allocated pursuant to section nine
hundred seventy-p of this article to the repayment of such indebtedness
and any interest thereon.

(v) The joint exercise of powers authorized by this subdivision shall
be permitted only for the purpose of redevelopment of an area located
wholly within each municipality and within one or more school districts.

(b) (i) The legislature may by special act establish on behalf of and
for the benefit of more than one municipality, a municipal redevelopment
authority or empower an existing public corporation to carry out the
purposes and provisions of this article. Upon the establishment of a
municipal redevelopment authority the legislative body of each
municipality shall file within one year after the effective date of such
special act, in the office of the secretary of state, a certificate
setting forth (1) the date of passage of such special act; (2) the name
of the authority; and (3) the name or names of the member or members
appointed by such governing body and their terms of office. Each such
certificate shall be accompanied by a copy of the intermunicipal
agreement under which membership on the authority is apportioned among
the sponsoring municipalities and a copy of the local law approving the
same. Such authority shall be deemed to be and shall be in existence
upon the satisfactory filing and receipt of the certificate or
certificates required by this paragraph and shall thereafter be
perpetual in duration.

(ii) A municipal redevelopment authority shall be a corporate
governmental agency constituting a public benefit corporation. Except as
otherwise provided by special act of the legislature, an authority shall
consist of not less than five nor more than nine members. Membership
shall be apportioned among the municipalities and participating school
districts, and the manner of selection of a chairman determined by an
agreement approved by local law by each such municipality, and by
resolution of the board of education of each school district. Members
shall serve at the pleasure of the appointing authority, and each member
shall continue to hold office until his successor is appointed and has
qualified. The governing body of each municipality and school district
shall file with the secretary of state a certificate of appointment or
reappointment of any member appointed or reappointed by it. Members
shall receive no compensation for their services but shall be entitled
to reimbursement of the necessary expenses, including traveling
expenses, incurred in the discharge of their duties. No action shall be
taken by an authority except pursuant to the favorable vote of a
majority of the members then in office. Any one or more of the members
of an authority may be an official or an employee of such municipality.
In the event that an official or an employee of such municipality shall
be appointed as a member of the agency, acceptance or retention of such
appointment shall not be deemed a forfeiture of his municipal office or
employment, or incompatible therewith or affect his tenure or
compensation in any way. The term of office of a member of an authority
who is an official or an employee of such municipality when appointed as
a member thereof by special act of the legislature creating the
authority shall terminate at the expiration of the term of his municipal
office. Upon the creation of an authority, from time to time the
governing body of a municipality or a school district, may, by
resolution, appropriate sums of money to defray the expenses of the
authority.

(iii) Unless otherwise provided by this subdivision or by the special
act of the legislature establishing a municipal redevelopment authority
or empowering an existing public corporation to carry out the purposes
and provisions of this article, such authority or public corporation
shall have the powers, duties and responsibilities granted a
municipality and its legislative body pursuant to sections nine hundred
seventy-d through nine hundred seventy-m of this article, as well as the
authority to receive the taxes of each municipality and school district
allocated and paid pursuant to section nine hundred seventy-p of this
article. Such authority or public corporation shall have the power to
designate survey areas and select project areas as provided by sections
nine hundred seventy-d and nine hundred seventy-e of this article. Such
authority or public corporation shall obtain the report and
recommendation of the planning agency of each municipality or school
district on the redevelopment plan and its conformity to the master plan
of each municipality and school district before presenting the
redevelopment plan to the legislative body of each municipality or
school district. In order for a preliminary plan to be adopted or for a
redevelopment plan to be adopted or amended approval must be obtained by
resolution of the legislative body of each municipality and the board of
education of each school district acting separately.

(iv) The authority or public corporation shall have the power to apply
for and to accept any gifts or grants or loans of funds or property or
financial or other aid in any form from the federal government or any
agency or instrumentality thereof, or from the state or any agency or
instrumentality thereof or from any other source, for any or all of the
purposes specified in this article, and to comply, subject to the
provisions of this article, with the terms and conditions thereof.

(v) (1) An authority or public corporation shall have the powers and
duties granted municipalities pursuant to section nine hundred seventy-o
of this article to issue tax increment bonds and tax increment bond
anticipation notes. Such bonds and notes shall be bonds and notes of the
authority or public corporation and neither the state nor any
municipality shall be liable on such bonds and notes and such bonds and
notes shall not be a debt of the state or of any municipality.

(2) The bonds and notes of an authority or public corporation are
hereby made securities in which all public officials and bodies of the
state and all municipalities, all insurance companies and associations
and other persons carrying on an insurance business, all banks, bankers,
trust companies, savings banks and savings associations, including
savings and loan associations, investment companies and other persons
carrying on a banking business, and administrators, guardians,
executors, trustees and other fiduciaries and all other persons
whatsoever, who are now or may hereafter be authorized to invest in
bonds or other obligations of the state, may properly and legally invest
funds including capital in their control or belonging to them. The bonds
and notes are also hereby made securities which may be deposited with
and may be received by all public officers and bodies of this state and
all municipalities for any purposes for which the deposit of bonds or
other obligations of this state is now or hereafter may be authorized.

(3) The state does hereby pledge to and agree with the holders of any
bonds and notes issued by an authority or public corporation pursuant to
this article that the state will not alter or limit the rights hereby
vested in the authority to fulfill the terms of any agreement made with
or for the benefit of such holders, or in any way impair the rights and
remedies of such holders, until the bonds or notes, together with the
interest thereon, with interest on any unpaid installments of interest,
and all costs and expenses in connection with any action or proceeding
by or on behalf of such holders, are fully met and discharged. An
authority or public corporation is authorized to include this pledge and
agreement of the state in any agreement with such holders.

(vi) Any bonds or notes issued pursuant to this article and the
interest thereon as well as the revenues, moneys and all other property
and activities of an authority or public corporation shall be exempt
from taxation for municipal and state purposes, except for transfer and
estate taxes. The state hereby covenants with the purchasers and with
all subsequent holders and transferees of bonds issued by an authority
or public corporation pursuant to this paragraph, in consideration of
the acceptance of and payment for the bonds, that the bonds of the
authority or public corporation issued pursuant to this paragraph and
the income therefrom and all revenues, moneys, and other property
pledged to secure the payment of such bonds shall at all times be free
from such taxes, except for transfer and estate taxes.

(vii) All moneys of an authority from whatever source derived shall be
paid to the treasurer of an authority and shall be deposited forthwith
in a bank or banks in the state designated by the authority. The moneys
in such accounts shall be paid out on check of the treasurer upon
requisition by the chairman of the authority or of such other officer or
officers as the authority may authorize to make such requisitions. All
deposits of such moneys shall be secured by obligations of or guaranteed
by the United States or of the state of a market value equal at all
times to the amount on deposit and all banks and trust companies are
authorized to give such security for such deposits. An authority shall
have power, notwithstanding the provisions of this section, to contract
with the holders of any bonds as to the custody, collection, security,
investment and payment of any moneys of the authority or any moneys held
in trust or otherwise for the payment of bonds or in any way to secure
bonds. Moneys held in trust or otherwise for the payment of bonds or in
any way to secure bonds and deposits of such moneys may be secured in
the same manner as moneys of an authority and all banks and trust
companies are authorized to give such security for such deposits.

(viii) No action or proceeding shall be prosecuted or maintained
against an authority for personal injury or damage to real or personal
property alleged to have been sustained by reason of the negligence or
wrongful act of the authority or any member, officer, agent or employee
thereof, unless (1) notice of claim shall have been made and served upon
the authority or the secretary of state within the time limit
established by and in compliance with section fifty-e of this chapter,
(2) it shall appear by and as an allegation in the complaint or moving
papers that at least thirty days have elapsed since the service of such
notice and that the adjustment or payment thereof has been neglected or
refused, and (3) the action or proceeding shall be commenced within one
year and ninety days after the cause of action shall have accrued.