§4742. Operation of housing not for profit






It is declared to be the policy of this State that each authority shall manage and
operate its housing projects in an efficient manner to enable it to fix the rentals
or payments for dwelling accommodations at low rates consistent with its providing
decent, safe and sanitary dwelling accommodations for persons of low income. No authority
may construct or operate any housing project for profit, or as a source of revenue
to the municipality or the State. To this end, an authority shall fix the rentals
or payments for dwellings in its projects at no higher rates than it finds necessary
to produce revenues which, together with all other available money, revenues, income
and receipts of the authority from whatever sources derived, will be sufficient: [1987, c. 737, Pt. A, §2 (NEW); 1987, c. 737, Pt. C, §106 (NEW); 1989, c. 6, (AMD); 1989, c. 9, §2 (AMD); 1989, c. 104, Pt. C, §§8, 10 (AMD).]








1. Bond principal and interest. 
To pay, as the sums become due, the principal and interest on the bonds of the authority;


[
1987, c. 737, Pt. A, §2 (NEW);
1987, c. 737, Pt. C, §106 (NEW);
1989, c. 6, (AMD);
1989, c. 9, §2 (AMD);
1989, c. 104, Pt. C, §§8, 10 (AMD)
.]








2. Reserves. 
To create and maintain such reserves as are required to ensure the payment of principal
and interest as it becomes due on its bonds;


[
1987, c. 737, Pt. A, §2 (NEW);
1987, c. 737, Pt. C, §106 (NEW);
1989, c. 6, (AMD);
1989, c. 9, §2 (AMD);
1989, c. 104, Pt. C, §§8, 10 (AMD)
.]








3. Cost and operating projects. 
To meet the cost of and to provide for maintaining and operating the projects, including
necessary reserves for that purpose and the cost of any insurance, and the administrative
expenses of the authority;


[
1987, c. 737, Pt. A, §2 (NEW);
1987, c. 737, Pt. C, §106 (NEW);
1989, c. 6, (AMD);
1989, c. 9, §2 (AMD);
1989, c. 104, Pt. C, §§8, 10 (AMD)
.]








4. Payments in lieu of taxes. 
To make such payments in lieu of taxes as it determines are consistent with the
maintenance of the low-rent character of projects;


[
1987, c. 737, Pt. A, §2 (NEW);
1987, c. 737, Pt. C, §106 (NEW);
1989, c. 6, (AMD);
1989, c. 9, §2 (AMD);
1989, c. 104, Pt. C, §§8, 10 (AMD)
.]








5. Property declared to be public property. 
The property of an authority is declared to be public property used for essential
public and governmental purposes. This property is exempt from all taxes and from
betterments and special assessments of the municipality, the county, the State or
any political subdivision of the State. In lieu of taxes on its property, an authority
may agree to make such payments to the municipality, the county, the State or any
political subdivision of the State as it finds consistent with the maintenance of
the low-rent character of housing projects or the achievement of the purposes of this
chapter.


[
1987, c. 737, Pt. A, §2 (NEW);
1987, c. 737, Pt. C, §106 (NEW);
1989, c. 6, (AMD);
1989, c. 9, §2 (AMD);
1989, c. 104, Pt. C, §§8, 10 (AMD)
.]





SECTION HISTORY

1987, c. 737, §§A2,C106 (NEW).
1989, c. 6, (AMD).
1989, c. 9, §2 (AMD).
1989, c. 104, §§C8,10 (AMD).