§46-15.2  Housing; additional county powers. In addition and supplemental to the powers granted to counties by section46-15.1, a county shall have and may exercise any of the following powers:

(1)  To provide assistance and aid to persons of low-and moderate-income in acquiring housing by:

(A)  Providing loans secured by a mortgage;

(B)  Acquiring the loans from private lenderswhere the county has made advance commitment to acquire the loans; and

(C)  Making and executing contracts withprivate lenders or a public agency for the origination and servicing of theloans and paying the reasonable value of the services;

(2)  In connection with the exercise of any powersgranted under this section or section 46-15.1, to establish one or more loanprograms and to issue bonds under chapter 47 or 49 to provide moneys to carryout the purposes of this section or section 46-15.1; provided that:

(A)  If bonds are issued pursuant to chapter 47to finance one or more loan programs, the county may establish qualifications forthe program or programs as it deems appropriate;

(B)  If bonds are issued pursuant to chapter 49to finance one or more loan programs, the loan program or programs shall complywith part III, subpart B of chapter 201H, to the extent applicable;

(C)  If bonds are issued pursuant to section47-4 or chapter 49, any loan program established pursuant to this section orany county-owned dwelling units constructed under section 46-15.1 shall be andconstitute an "undertaking" under section 49‑1 and chapter 49shall apply to the loan program or county-owned dwelling units to the extentapplicable;

(D)  In connection with the establishment ofany loan program pursuant to this section, a county may employ financialconsultants, attorneys, real estate counselors, appraisers, and otherconsultants as may be required in the judgment of the county and fix and paytheir compensation from funds available to the county therefor;

(E)  Notwithstanding any limitation otherwiseestablished by law, with respect to the rate of interest on any loan made underany loan program established pursuant to this section, the loan may bear a rateor rates of interest per year as the county shall determine; provided that noloan made from the proceeds of any bonds of the county shall be under terms orconditions that would cause the interest on the bonds to be deemed subject toincome taxation by the United States;

(F)  Notwithstanding any limitation otherwiseestablished by law, with respect to the amount of compensation permitted to bepaid for the servicing of loans made under any loan program establishedpursuant to this section, a county may fix any reasonable compensation as thecounty may determine;

(G)  Notwithstanding the requirement of anyother law, a county may establish separate funds and accounts with respect tobonds issued pursuant to chapter 47 or 49 to provide moneys to carry out thepurposes of this section or section 46-15.1 as the county may deem appropriate;

(H)  Notwithstanding any provision of chapter47 or 49 or of any other law, but subject to the limitations of the stateconstitution, bonds issued to provide moneys to carry out the purposes of thissection or section 46-15.1 may be sold at public or private sale at a price;may bear interest at a rate or rates per year; may be payable at a time ortimes; may mature at a time or times; may be made redeemable before maturity atthe option of the county, the holder, or both, at a price or prices and uponterms and conditions; and may be issued in coupon or registered form, or both,as the county may determine;

(I)  If deemed necessary or advisable, thecounty may designate a national or state bank or trust company within orwithout the State to serve as trustee for the holders of bonds issued toprovide moneys to carry out the purposes of this section or section 46-15.1,and enter into a trust indenture, trust agreement, or indenture of mortgagewith the trustee whereby the trustee may be authorized to receive and receiptfor, hold, and administer the proceeds of the bonds and to apply the proceedsto the purposes for which the bonds are issued, or to receive and receipt for,hold, and administer the revenues and other receipts derived by the county fromthe application of the proceeds of the bonds and to apply the revenues andreceipts to the payment of the principal of, or interest on the bonds, orboth.  Any trust indenture, trust agreement, or indenture of mortgage enteredinto with the trustee may contain any covenants and provisions as may be deemednecessary, convenient, or desirable by the county to secure the bonds.  Thecounty may pledge and assign to the trustee any agreements related to theapplication of the proceeds of the bonds and the rights of the countythereunder, including the rights to revenues and receipts derived thereunder. Upon appointment of the trustee, the director of finance of the county mayelect not to serve as fiscal agent for the payment of the principal andinterest, and for the purchase, registration, transfer, exchange, andredemption, of the bonds; or may elect to limit the functions the director offinance performs as a fiscal agent; and may appoint a trustee to serve as thefiscal agent; and may authorize and empower the trustee to perform thefunctions with respect to payment, purchase, registration, transfer, exchange,and redemption, as the director of finance deems necessary, advisable, orexpedient, including without limitation the holding of the bonds and couponsthat have been paid and the supervision and conduction or the destructionthereof in accordance with law;

(J)  If a trustee is not appointed to collect,hold, and administer the proceeds of bonds issued to provide moneys to carryout the purposes of this section or section 46-15.1, or the revenues and receiptsderived by the county from the application of the proceeds of the bonds, asprovided in subparagraph (I), the director of finance of the county may holdthe proceeds or revenues and receipts in a separate account in the treasury ofthe county, to be applied solely to the carrying out of the ordinance, trustindenture, trust agreement, or indenture of mortgage, if any, authorizing orsecuring the bonds; and

(K)  Any law to the contrary notwithstanding,the investment of funds held in reserves and sinking funds related to bondsissued to provide moneys to carry out the purposes of this section or section46-15.1 shall comply with section 201H-77; provided that any investment thatrequires approval by the county council pursuant to section 46-48 or 46-50 shallfirst be approved by the county council;

(3)  To acquire policies of insurance and enter intobanking arrangements as the county may deem necessary to better secure bondsissued to provide money to carry out the purposes of this section or section46-15.1, including without limitation contracting for a support facility orfacilities as may be necessary with respect to bonds issued with a right of theholders to put the bonds and contracting for interest rate swaps; and

(4)  To do any and all other things necessary orappropriate to carry out the purposes and exercise the powers granted insection 46-15.1 and this section. [L 1982, c 284, §1; am L 1983, c 156, §1; amL 1987, c 80, §2; am L 1990, c 34, §4; am L 1997, c 350, §7; am L 2007, c 37,§2 and c 249, §9]

 

Note

 

  L 1997, c 350, §15 purports to amend this section.