Section 34321 Of Article 4. Powers And Duties Of Housing Authorities From California Health And Safety Code >> Division 24. >> Part 2. >> Chapter 1. >> Article 4.
34321
. It is declared to be the policy of the State that each
authority shall manage and operate its housing projects in an
efficient manner so as to enable it to fix the rentals for dwelling
accommodations at the lowest possible rates consistent with its
providing decent, safe, and sanitary dwelling accommodations, and
that no housing authority shall construct or operate any such project
for profit, or as a source of revenue to the city or the county. To
this end an authority shall fix the rentals for dwellings in its
projects at no higher rates than it finds necessary to produce
revenue which, together with all other available money, income, and
receipts of the authority, will be sufficient for all of the
following:
(a) To pay, when due, the principal and interest on its bonds.
(b) To meet the cost of, and to provide for, maintaining and
operating the projects, including the cost of any insurance, and the
administrative expenses of the authority.
(c) During not less than the six years immediately succeeding its
issuance of any bonds, to create a reserve sufficient to meet the
largest principal and interest payments which will be due on such
bonds in any one year thereafter and to maintain the reserve.
However, this subdivision shall not be construed to prevent an
authority from utilizing any financial aid from the federal
government to the maximum extent available.
This section shall not apply to any person, individual, firm,
partnership, company, association, joint stock association or
corporation other than a public entity having an interest in any
housing project owned in part or constructed or operated by one or
more authorities.