Sec. 51A.107. - Operation not for profit.

The Housing Authority shall 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 shall not construct or operate any such 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 project at no higher rate than it shall find to be necessary in order to produce revenues which, together with all other available moneys, revenue, income and receipts of the Authority from whatever sources derived, will be sufficient: (a) To pay, as the same shall become due, the principal and interest on the debentures of the Authority; (b) To meet the cost of, and to provide for, maintaining and operating the projects, including the cost of any insurance, and the administrative expenses of the Authority; and (c) To create, during not less than the six years immediately succeeding its issuances of any debentures, a reserve sufficient to meet the largest principal and interest payments which will be due on such debentures in any one year thereafter, and to maintain such reserve. (Ord. 93-2016-1393, § 2)