§ 45-25-17 - Low rent policy.
SECTION 45-25-17
§ 45-25-17 Low rent policy. – It is declared to be the policy of this state that each housing authoritymanage and operate its housing projects in an efficient manner so as to enableit to fix the rentals for dwelling accommodations at the lowest possible ratesconsistent with its providing decent, safe, and sanitary dwellingaccommodations, and that no housing authority constructs or operates anyproject for profit, or as a source of revenue to the city. To this end theauthority shall fix the rentals for dwellings in its projects at no higherrates than it finds to be necessary in order to produce revenues (together withall other available moneys, revenues, income, and receipts of the authorityfrom whatever sources derived) sufficient to:
(1) Pay, as it becomes due, the principal and interest on thebonds of the authority;
(2) Meet the cost of, and provide for, maintaining andoperating the projects (including the cost of any insurance) and theadministrative expenses of the authority; and
(3) Create (during not less than the six (6) yearsimmediately succeeding its issuance of any bonds) a reserve sufficient to meetthe largest principal and interest payments which will be due on the bonds inany one year following and to maintain the reserve.