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92_HB4986
LRB9212659DJgc
1 AN ACT in relation to housing.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Housing Authorities Act is amended by
5 changing Section 24 as follows:
6 (310 ILCS 10/24) (from Ch. 67 1/2, par. 24)
7 Sec. 24. Management and operation of housing projects;
8 State policy.
9 It is hereby declared to be the policy of this State that
10 each housing authority shall manage and operate its housing
11 projects in an efficient manner so as to enable it to fix the
12 rentals for dwellings at the lowest possible rates consistent
13 with its providing decent, safe and sanitary and affordable
14 dwellings, and that no Housing Authority shall construct or
15 operate any project for profit, or as a source of revenue to
16 a city, village, incorporated town or county. To this end an
17 Authority shall fix the rentals for dwellings in its projects
18 at no higher rates than it shall find to be necessary in
19 order to produce revenues which (together with all other
20 available moneys, revenues, income and receipts of the
21 Authority from whatever sources derived) will be sufficient
22 (a) to pay, as the same becomes due, the principal and
23 interest on the bonds of the Authority; (b) to meet and
24 provide for the cost of maintaining and operating the
25 projects (including the cost of any insurance on the projects
26 or bonds issued therefor) and the administrative expenses of
27 the Authority; (c) to create (during not less than the ten
28 years immediately succeeding its issuance of any bonds) a
29 reserve sufficient to meet the large principal and interest
30 payments which will be due on bonds in any 2 consecutive
31 years thereafter, and to maintain a reserve; and (d) to
-2- LRB9212659DJgc
1 create a reasonable reserve solely from any contributions or
2 grants to the Authority from the federal government, the
3 State, or any political subdivision of the State for the
4 purpose of meeting the cost of maintaining and operating the
5 project and of paying the principal and interest on its
6 bonds. The management of low-rent public housing projects
7 financed and developed under the U.S. Housing Act of 1937, as
8 now or hereafter amended, shall be in accordance with the
9 provisions of that Act.
10 (Source: P.A. 87-200.)