§ 42-55-29 - Liberal construction.
SECTION 42-55-29
§ 42-55-29 Liberal construction. –Neither this chapter nor anything contained in this section is or shall beconstrued as a restriction or limitation upon any powers which the corporationmight otherwise have under any laws of this state, and this chapter iscumulative to those powers. The corporation shall use its restricted fundbalances only (i) for the provision of housing, including, but not limited to,the acquisition, retention, rehabilitation, construction, development,operation, and maintenance of housing units for low and moderate incomepersons; activities that support and assist the development of housing for lowand moderate income persons; and the incidental expenses related to thefinancing of those activities and (ii) for the general administrative costs ofthe corporation. This chapter does and shall be construed to provide acomplete, additional, and alternative authority for doing the things authorizedhereby, and shall be regarded as supplemental and additional to powersconferred by other laws. The issuance of bonds, notes, and other obligations ofthe corporation under the provisions of this chapter need not comply with therequirements of any other state law applicable to the issuance of bonds, notes,and other obligations, and contracts for the construction and acquisition ofany housing developments undertaken pursuant to this chapter need not complywith the provisions of any other state law applicable to contracts for theconstruction and acquisition of state owned property. No proceedings, notice,or approval under chapter 35 of title 42 or otherwise, shall be required forthe issuance of any bonds, notes, and other obligations, any instrument assecurity therefor, or in connection with the adoption of any bond resolution,except as is provided in this chapter.