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ROBERT L. EHRLICH, JR., Governor
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Ch. 63
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(2) THE CODE AUTHORITY, WHEN IT HAS THE MONEY AVAILABLE,
SHALL REIMBURSE THE POLITICAL SUBDIVISION FOR ALL LOANS MADE TO IT BY THE
POLITICAL SUBDIVISION.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 44A, § 1—212.
Throughout this section, references to the defined term "political
subdivision" are substituted for the former references to "local jurisdiction"
to conform to the terminology used throughout this article.
The Housing and Community Development Article Review Committee
notes, for consideration by the General Assembly, that in subsection (a)(1)
of this section, the defined term "code authority" is substituted for the
former reference to an authority "which is activated after July 1, 1990" to
conform to the terminology used throughout this Division II. "Code
authority" is defined in § 12-101 of this Division II to mean "an authority
activated on or after July 1, 1990", based on the fact that Chapter 331 of
the Acts of the General Assembly of 1990, which enacted the former law,
took effect on July 1, 1990.
In subsection (c)(1) of this section, the former reference to a code
authority's agreeing to lend or donate money "from time to time" is deleted
as surplusage.
In subsection (c)(2) of this section, the reference to "the political
subdivision" is added to state expressly what only was implied in the
former law — that reimbursements are to be made to political subdivisions.
Defined terms: "Area of operation" § 12-101
"Code authority" § 12-101
"Political subdivision" § 12-101
SUBTITLE 4. DUTIES OF AUTHORITIES.
12-401. STATEMENT OF POLICY.
(A) IN GENERAL.
IT IS STATE POLICY THAT AN AUTHORITY:
(1) SHALL MANAGE AND OPERATE ITS HOUSING PROJECTS
EFFICIENTLY TO ENABLE IT TO FIX THE RENT FOR HOUSING UNITS AT THE LOWEST
RATES CONSISTENT WITH ITS PROVIDING DECENT, SAFE, AND SANITARY HOUSING
UNITS AND MEETING THE FINANCIAL NEEDS UNDER SUBSECTION (B) OF THIS
SECTION; BUT
(2) MAY NOT OPERATE FOR PROFIT OR AS A SOURCE OF REVENUE TO
THE POLITICAL SUBDIVISION.
(B) RENTAL RATES.
- 449 -
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