9-4-610 - Profit from projects prohibited -- Criteria for determining rentals and payments. - Utah Statutes

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Statutes > Utah > Title-09 > Chapter-04 > 9-4-610

9-4-610. Profit from projects prohibited -- Criteria for determining rentals andpayments.
(1) It is declared to be the policy of this state to accomplish the public, governmental,and charitable purposes of this part that:
(a) each authority manage and operate its housing projects in an efficient manner toenable it to provide decent, safe, and sanitary dwelling accommodations for persons of mediumand low income and fix the rentals or payments for these accommodations for persons of lowincome at low rates; and
(b) no authority be operated as a source of revenue to the city or county.
(2) To this end each authority shall fix the rentals or payments for dwellings in itsprojects at no higher rates than it finds necessary in order to produce revenues that, together withall other available money, revenues, income, and receipts of the authority from whatever sourcesderived, including federal financial assistance necessary to maintain the low-rent character of theprojects, is sufficient to:
(a) pay, as they become due, the principal and interest on the bonds of the authority;
(b) create and maintain reserves required to assure the payment of principal and interestas it becomes due on its bonds;
(c) meet the cost of, and provide for, maintaining and operating the projects, includingnecessary reserves and the cost of any insurance, and the administrative expenses of theauthority; and
(d) make payments in lieu of taxes and, after payment in full of all obligations for whichfederal annual contributions are pledged, make repayments of federal and local contributions as itdetermines are consistent with the maintenance of the low-rent character of projects.
(3) Rentals or payments for dwellings shall be established and the projects administered,in so far as possible, to assure that any federal financial assistance required is strictly limited toamounts and periods necessary to maintain the low-rent character of the projects.
(4) Nothing in this section may be construed to limit the amount an authority may chargefor nondwelling facilities.
(5) All such income, together with other income and revenue, shall be used in theoperation of the projects to aid in accomplishing the public, governmental, and charitablepurposes of this part.

Amended by Chapter 224, 1993 General Session

State Codes and Statutes

Statutes > Utah > Title-09 > Chapter-04 > 9-4-610

9-4-610. Profit from projects prohibited -- Criteria for determining rentals andpayments.
(1) It is declared to be the policy of this state to accomplish the public, governmental,and charitable purposes of this part that:
(a) each authority manage and operate its housing projects in an efficient manner toenable it to provide decent, safe, and sanitary dwelling accommodations for persons of mediumand low income and fix the rentals or payments for these accommodations for persons of lowincome at low rates; and
(b) no authority be operated as a source of revenue to the city or county.
(2) To this end each authority shall fix the rentals or payments for dwellings in itsprojects at no higher rates than it finds necessary in order to produce revenues that, together withall other available money, revenues, income, and receipts of the authority from whatever sourcesderived, including federal financial assistance necessary to maintain the low-rent character of theprojects, is sufficient to:
(a) pay, as they become due, the principal and interest on the bonds of the authority;
(b) create and maintain reserves required to assure the payment of principal and interestas it becomes due on its bonds;
(c) meet the cost of, and provide for, maintaining and operating the projects, includingnecessary reserves and the cost of any insurance, and the administrative expenses of theauthority; and
(d) make payments in lieu of taxes and, after payment in full of all obligations for whichfederal annual contributions are pledged, make repayments of federal and local contributions as itdetermines are consistent with the maintenance of the low-rent character of projects.
(3) Rentals or payments for dwellings shall be established and the projects administered,in so far as possible, to assure that any federal financial assistance required is strictly limited toamounts and periods necessary to maintain the low-rent character of the projects.
(4) Nothing in this section may be construed to limit the amount an authority may chargefor nondwelling facilities.
(5) All such income, together with other income and revenue, shall be used in theoperation of the projects to aid in accomplishing the public, governmental, and charitablepurposes of this part.

Amended by Chapter 224, 1993 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-09 > Chapter-04 > 9-4-610

9-4-610. Profit from projects prohibited -- Criteria for determining rentals andpayments.
(1) It is declared to be the policy of this state to accomplish the public, governmental,and charitable purposes of this part that:
(a) each authority manage and operate its housing projects in an efficient manner toenable it to provide decent, safe, and sanitary dwelling accommodations for persons of mediumand low income and fix the rentals or payments for these accommodations for persons of lowincome at low rates; and
(b) no authority be operated as a source of revenue to the city or county.
(2) To this end each authority shall fix the rentals or payments for dwellings in itsprojects at no higher rates than it finds necessary in order to produce revenues that, together withall other available money, revenues, income, and receipts of the authority from whatever sourcesderived, including federal financial assistance necessary to maintain the low-rent character of theprojects, is sufficient to:
(a) pay, as they become due, the principal and interest on the bonds of the authority;
(b) create and maintain reserves required to assure the payment of principal and interestas it becomes due on its bonds;
(c) meet the cost of, and provide for, maintaining and operating the projects, includingnecessary reserves and the cost of any insurance, and the administrative expenses of theauthority; and
(d) make payments in lieu of taxes and, after payment in full of all obligations for whichfederal annual contributions are pledged, make repayments of federal and local contributions as itdetermines are consistent with the maintenance of the low-rent character of projects.
(3) Rentals or payments for dwellings shall be established and the projects administered,in so far as possible, to assure that any federal financial assistance required is strictly limited toamounts and periods necessary to maintain the low-rent character of the projects.
(4) Nothing in this section may be construed to limit the amount an authority may chargefor nondwelling facilities.
(5) All such income, together with other income and revenue, shall be used in theoperation of the projects to aid in accomplishing the public, governmental, and charitablepurposes of this part.

Amended by Chapter 224, 1993 General Session