It is declared to be the policy of this state that each housing authority 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 constructs or operates any project for profit, or as a source of revenue to the city. To this end the authority shall fix the rentals for dwellings in its projects at no higher rates than it finds to be necessary in order to produce revenues (together with all other available moneys, revenues, income, and receipts of the authority from whatever sources derived) sufficient to:
(1) Pay, as it becomes due, the principal and interest on the bonds of the authority;
(2) Meet the cost of, and provide for, maintaining and operating the projects (including the cost of any insurance) and the administrative expenses of the authority; and
(3) Create (during not less than the six (6) years immediately succeeding its 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 following and to maintain the reserve.
History of Section.
G.L. 1938, ch. 344, § 9B; P.L. 1939, ch. 726, § 4; G.L. 1956, § 45-25-17.