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facilities necessary, incidental, and appurtenant thereto are exclusively
<br />public uses and purposes for which public money may be spent, advanced,
<br />loaned, or granted and are governmental functions of public concern.
<br />(4) The Congress of the United States has, by the enactment of amend-
<br />ments to the Internal Revenue Code of 1954, found and determined that housing
<br />may be financed by means of obligations issued by any state or local govern-
<br />mental unit, the interest on which obligations is exempt from federal income
<br />taxation, and has thereby provided a method to aid state and local govern-
<br />mental units to provide assistance to meet the need for housing.
<br />(5) The provisions of this act are found and declared to be necessary
<br />and in the public interest as a matter of legislative determination.
<br />Section 3. Definitions. --As used in this act:
<br />(1) "Area of operation" means the area within the territorial boundaries
<br />of the county for which the housing finance authority is created, and any area
<br />outside the territorial boundaries of such county if the governing body of the
<br />county within which such outside area is located approves. The approval may
<br />be a general approval or an approval only for specified qualifying housing
<br />developments or only for a specified number of qualifying housing develop-
<br />ments.
<br />(2) "Bonds:' means any bonds, notes, debentures, interim certificates, or
<br />other evidences of financial indebtedness issued by a housing finance
<br />authority under and pursuant to this act,
<br />(3) "Housing finance authority" means a housing finance authority
<br />created pursuant to section 4 of this act.
<br />(4) "Housing development" means any residential building, land, equip-
<br />ment, facility, or other real or personal property which may be necessary,
<br />convenient, or desireable in connection therewith, including streets, sewers,
<br />water and utility services, parks, gardening, administrative, community,
<br />health, recreational, and educational facilities, and other facilities related
<br />and subordinate Ito moderate, middle, -or lesser income housing, and also in-
<br />cludes site preparation, the planning of housing and improvements, the
<br />acquisition of property, the removal or demolition.of existing structures, the
<br />acquisition, construction, reconstruction, and rehabilitation of housing and
<br />improvements, and all other work in connection therewith, and all costs of
<br />financing, including without limitation the cost of consultant and legal ser-
<br />vices, other expenses necessary or incident to determining the feasibility of
<br />the housing development, administrative and other expenses necessary or
<br />t
<br />MAY 91979 ROOK 40 PACE 244
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