36-1408. Use of revenues; determining
rentals
It is the policy of the state that each public housing authority, city, town or
county shall manage and operate its housing projects in an efficient manner 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 a public
housing authority, city, town or county shall not construct or operate the project to
obtain net revenue unless and to the extent that any net revenues are used only for the
provision and support of low income housing and support services. To this end a public
housing authority, city, town or county shall fix the rentals for dwellings in its
housing projects at no higher rates than it finds necessary to produce revenues which,
together with any grants or subsidies from the federal government or other sources for
housing projects, will be sufficient:
1. To pay, as they become due, the principal and interest on bonds of the public
housing authority, city, town or county issued under the provisions of this article.
2. To meet the cost of and to provide for maintaining and operating the projects
and the provision of related support services for the tenants, including the cost of any
insurance, and the administrative expenses of the public housing authority, city, town or
county incurred in connection with maintaining and operating the projects and support
services.
3. To create, during not less than the six years immediately succeeding the
issuance of any bonds, a reserve sufficient to meet the largest principal and interest
payments which will be due on the bonds in any one year thereafter and to maintain the
reserve.
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