99.090. Rentals, how fixed.
Rentals, how fixed.
99.090. 1. It is hereby declared to be the policy of thisstate that each housing authority shall manage and operatehousing projects owned by it in an efficient manner so as toenable it to fix the rentals for its very low and low-incometenants at the lowest possible rates consistent with providingdecent, safe and sanitary dwelling accommodations, and at ratesnot higher than rental guidelines established by the UnitedStates Department of Housing and Urban Development for suchpersons. To this end an authority shall fix the rentals fordwellings in its projects at no higher rates than it shall findto be necessary in order:
(1) To pay, as the same become due, the principal andinterest on the bonds of the authority;
(2) To meet the cost of, and to provide for, maintaining andoperating its projects, including the cost of any insurance andany other administrative expenses of the authority; and
(3) To create (during not less than the six yearsimmediately succeeding its issuance of any bonds) a reservesufficient to meet the largest principal and interest paymentswhich will be due on such bonds in any one year and to maintainsuch reserve.
2. The provisions of this section shall not apply to anymoderate income tenants of the authority.
(RSMo 1939 § 7861, A.L. 1978 H.B. 1155, A.L. 1986 S.B. 767)