Oklahoma § 63-1062 - Operation of housing not for profit

§ 63-1062. Operation of housing not for profit

It is hereby declared to be the policy of this state to

accomplish the charitable and public purposes of this act that each

authority shall manage and operate its housing projects in an

efficient manner so as to enable it to fix the rentals or payments

for dwelling accommodations at low rates consistent with its

providing decent, safe and sanitary dwelling accommodations for

persons of low income and that no authority shall construct or

operate any housing project for profit, or as a source of revenue to

the city or county. To this end an authority shall fix the rentals

or payments for dwellings in its projects at no higher rates than it

shall find to be necessary in order to produce revenues which,

together with all other available monies, revenues, income and

receipts of the authority from whatever sources derived, including

Federal financial assistance necessary to maintain the low-rent

character of the project, will be sufficient:

(a) to pay, as the same become due, the principal and interest

on the bonds of the authority;

(b) to create and maintain such reserves as may be required to

assure the payment of principal and interest as it becomes due on

its bonds;

(c) to meet the cost of, and to provide for, maintaining and

operating the projects, including necessary reserves therefor and

the cost of any insurance, and the administrative expenses of the

authority; and

(d) to make such payments in lieu of taxes and, after payment in

full of all obligations for which federal annual contributions are

pledged, to make such repayments of federal and local contributions

as it determines are consistent with the maintenance of the low-rent

character of projects.

Rentals or payments for dwellings shall be established and the

projects administered, insofar as possible, so as to assure that any

federal financial assistance required shall be strictly limited to

amounts and periods necessary to maintain the low-rent character of

the projects. Nothing herein shall be construed to limit the amount

an authority may charge for nondwelling facilities. All such

income, together with other income and revenue, shall be used in the

Oklahoma Statutes - Title 63. Public Health and Safety

operation of the projects to aid in accomplishing the charitable and

public purposes of this act.

Laws 1965, c. 251, § 12, emerg. eff. June 18, 1965.