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•(e) •If
<br />appropriate, the standards established for various federal
<br />emPtoyee such Powers or duties as it
<br />Prc^lags determining eligibilitybased on income of such
<br />,r g persons and
<br />y may may deem proper. A housing finance
<br />authorit y em 20 its own legal counsel.
<br />far:lies.
<br />c�
<br />Section 4. Creation,of housing finance authorities.--
<br />in this state may create by ordinance a separate
<br />(3) Until the members of the housing finance authority arc appointed,
<br />the Governing body of the county for which the housing finance authority
<br />is created and the chairman of the housing
<br />full authority
<br />(1) Each county
<br />'Housing
<br />authority shall have
<br />to carry out the Owers of a
<br />under
<br />public body corporate and politic to be known as the Finance
<br />'housing
<br />this act, provided, ho0ever 9 `inarce authority
<br />delegate
<br />Authority' of the county for which it is created, to carryoutonly the
<br />its authority to the chairman c
<br />gas
<br />rcw:rs ecanLed in chis act. A housin finance authorit shall not
<br />under -y is'provisionbodyE%Cepe
<br />provided in this section, no member
<br />transact any business or exercise any powers under this act until the
<br />of the housing finance:autExcept may
<br />be an officer or employee of the
<br />governing bcdy of the county for which such housing finance authority is
<br />county
<br />authority is created. ty for which the housing .finance
<br />o
<br />created passes a resolution declaring the need for a housing financeca
<br />a.t`ority to function to alleviate a shortage of housing and capital for
<br />Section 6. Conflicts of interest; disclosure.
<br />'investment in housing in its area of operation.
<br />of , --::o member or, employee
<br />authority shall ee
<br />(2) In any suit, action, or proceeding involving the validity or
<br />housingct,nfinannce acquire any interest, direct or
<br />qualifying housing development or in
<br />included or tanned
<br />Planned
<br />enforcement of or relatingto an contract of a housingfinance
<br />y
<br />any property
<br />to it included in such a developrent, nor shall he
<br />have any interest, direct
<br />acihorit the housing finance authority shall be conclusive) deemed to
<br />y. g Y y
<br />o: indirect, in any contract or proposed
<br />contract for materials or services
<br />have been established and authorized to transact business and exercise
<br />with an to be furnished or used in connection
<br />housing any
<br />development.
<br />its powers under this act upon proof of the adoption of an ordinance by
<br />efyauthoriting If any r..eaSgr of employee of a
<br />Y owns
<br />the app:epriate governing body declaring the need for the housing finance
<br />indirect, in an
<br />or controls an interest,' direct or
<br />Y property included
<br />authorit :he ordinance shall be sufficient if -it declares the need for
<br />y.
<br />qualif in or -Planned to be included in any
<br />Y g housing project he shall
<br />: such a housing finance authority and finds that there is of
<br />immediately disclose the same in
<br />the housing finance
<br />in housing within its arca of
<br />n its
<br />oerLti geld capital for investmentnancertified
<br />entered utoon authority. Such disclosure shall be
<br />disclose P the minutes of the housing finance
<br />ore:&Lion. A copy o. the ordinance certified by the clerk of the circuit
<br />Copy
<br />authority.- Failure so to
<br />such interest shall constitute
<br />�cojrt shall be admissible in evidence in any suit, action, or proceeding.
<br />misconduct in office.
<br />(3) The county for which the housing finance authority is created
<br />Section 7. Removal
<br />authorit of members. --A member of a housing finance
<br />y may be removed without
<br />sole or e the
<br />at aactivities
<br />cause by a 3/5 vote of the. governing
<br />of the futhe
<br />majority
<br />ofter
<br />structure, cture,s or3anization,onprograms' orany housinggfinance
<br />vote Oody
<br />governing body oflect they misconduct in office by a
<br />a:thority, including the power to terminate such authority, subject to
<br />co A member -ay be
<br />daysremovcdi only- after he has been given a co county.
<br />copy
<br />any lis.£tation on the impairment of contracts entered into by such
<br />o. a charges at least 10
<br />tothehearing thereon and has had
<br />in
<br />4
<br />aut..or£ty geld subject to the limitations or requirements of this act.
<br />person an oPrort.unity to to heard
<br />y counsel. Tf a member is
<br />Section 5. Members, employees;• duties and compensation.--
<br />proceedings, rcroved, a record of the'
<br />and catetofrapp shall
<br />ilednthe officeyofwthe clerk ith the hwhere
<br />the certifies
<br />obe
<br />such member is filed. appointment for
<br />r
<br />(1) Each housing finance authority shall be composed of five members
<br />a Section
<br />ap;o£aced Ly the governing body of the county Lor which the housing
<br />is be designated
<br />8. housing
<br />authority
<br />Y shallPoconstituteahousing
<br />f:na^ce authe:ity created, one of whom shall chairman.
<br />g'.
<br />Public body, orate finance
<br />exercising the
<br />trot less than three of the members shall be knowledgeable in one of the
<br />public and essential governmental functions
<br />and
<br />ance or terms the
<br />set forthinfolll,z'
<br />tall exercise lea power to borrow only for
<br />provided�herein
<br />initialof
<br />stallwbeg4 yearsseach, exceptthatthectermsce. of theymemberslmbersshall
<br />the.purpose as
<br />to as follows: two netters shall serve a term of 1 year; one member
<br />(1)
<br />shall serve a terra of 2 years; one menber shall serve a term of 3 years;
<br />To' aue and be sued, to have &•seal and
<br />pleasure,
<br />art one me -ter shall serve a term of 4 years. A member of the housing
<br />to have perpetual succession, to make and execute r the
<br />to alter the sage at
<br />other instruments
<br />finance a::iho:ity shall hold office until his successor has been
<br />for
<br />necessary contracts and
<br />convenient to the exercise of
<br />finance
<br />ac^oir.:ed an has qualified. Each vacancy- shall be filled the
<br />anrlthLeheOuiinauthority, the powers
<br />y. and to r..ake and from
<br />re^a der of the unexpired term. A certificaeof the appoiytn`nt or
<br />time to time amend
<br />rules, and regulations, not inconsistent
<br />Oct,
<br />reit o:nt-ent of an -ember of the housingfinance -authority shall be
<br />tocarrybylaws,
<br />Y into effect the powers and with this
<br />filed with the Clerk of the Circuit Court of tha county, and the
<br />authority. purposes of the housing finance _
<br />, y-
<br />c,!rtificate shall be conclusive evidence of the due and proper
<br />ar;oint-ent of the member. A sem:er shall receive no compensation for
<br />,
<br />such2)ur To purchase or make commitments to purchase or to
<br />n_s services,, but shall be entitled to necessary expenses, including
<br />acting asse, and to make loans for
<br />of, frc�n Jcnd irg
<br />traveling expenses, incurred n the discharge of his duties.
<br />ptake assignments
<br />_.stituL£ors
<br />g agent of the housing finance'
<br />(2) The Owers of each housingfinance authority ranted b this bet
<br />y g y
<br />authority,
<br />includingloans ardypromissory notes accompanying seep aortgage loans,
<br />mortgage Loans
<br />rhal; be vested in the members of the housing finance authority in office
<br />institutonsdein11suchsured or pazticichtions with lending
<br />promissorynotes
<br />�
<br />f:�_- tine toytir..e. Three members shall constitute a quorum, and action
<br />construction and nortgage .par.'s for the
<br />qualif construction,
<br />, purchase reconstruction, or rehabilitation
<br />co
<br />finance
<br />finance
<br />Proceeds gofousale development of the
<br />or portion thereof;
<br />Of thetainenl-ersihpreesent. authority ma employ such
<br />P 8 Y Y P= :
<br />provided t.a6 : 4•
<br />requivalent
<br />or a uivaleni moneys shall be
<br />loans. 1•• �
<br />a?eats bele! er.;leyccs, permanent or temporary, as it may requite and shall
<br />reinvesEQ4 Iii s.La.,a;e
<br />Ceterziae the qu4lifications, dation, and compensation of such agents and
<br />tel '�
<br />enp1eyees. A housing finance authority may delegate to an agent or
<br />•
<br />NOW ;®ons to Lefxd$fe
<br />eoquLaLflg !� unCas teras and Condi:lora
<br />�9�e thereof CO be used by such lending inatitotior
<br />�i
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