Marvin Mandel, Governor                          1247

accordance with regulations established by the Secretary which shall
require a description of the property to be disposed of, a statement
of the identity of the proposed purchaser or lessee and his proposed
use or reuse of the property, the price or rental to be paid by
such purchaser or lessee and those conditions of such sale or lease
which insure that the community development purposes of this Act
will be carried out.

(d)    In effectuating the purposes of this Act, the Administra-
tion shall comply with the requirements of local laws, ordinances,
codes, charters or regulations applicable to such community develop-
ment project.

(e)    In effectuating the purposes of this Act, the Administration
shall work closely, consult and cooperate with local elected officials.
The Administration shall give primary consideration to local needs
and desires and shall foster local initiative and participation in con-
nection with the planning and development of community develop-
ments. Wherever possible, the Administration shall carry out com-
munity development projects in conjunction with and through the
use of private enterprise, limited dividend corporations, local de-
velopment agencies and local development corporations. Considera-
tion shall also be given to local and regional goals and policies as
expressed in urban renewal, community renewal and local compre-
hensive land use plans and regional plans.

266DD-6. Development Funds, Revenue Bonds

(a)    The Administration shall have the power and authority to
meet any development cost through the expenditure of funds ap-
propriated by the Legislature; through the expenditure of the pro-
ceeds of any State loan to the extent provided by the legislature or
any agency or authority authorized to issue bonds therefor; through
the issuance of bonds, notes, or other evidences of indebtedness for
that purpose, payable solely from revenues derived from a com-
munity development project or projects; and from any other funds
which may be made available to the Administration for the purposes
of community development under this Act from its own operations
or from any other source or sources.

(b)    Any funds of the Administration not needed currently to
meet the expenses and obligations of the Administration shall be de-
posited with the State Terasurer TREASURER to the credit of the
Administration and invested by him in such manner as is provided by
statute.

(c)    The Administration is hereby authorized and empowered to
provide upon approval of the Secretary of Economic and Community
Development for the issuance from time to time of revenue bonds
of the Administration for the purpose of providing funds for paying
the cost of all or any part of a community development or develop-
ments. Such bonds and any interest coupons to be attached thereto
shall be executed which may be by facsimile in the name of the
Administration by the Secretary of Economic and Community De-
velopment.

(d)    The bonds of each series issued under the provisions of this
section shall bear interest at a rate or rates determined by the Ad-
ministration, payable semi-annually, and shall be stated to mature