1979-043 - Laserfiche WebLink

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0 facilities necessary, incidental, and appurtenant thereto are exclusively public uses and purposes for which public money may be spent, advanced, loaned, or granted and are governmental functions of public concern. (4) The Congress of the United States has, by the enactment of amend- ments to the Internal Revenue Code of 1954, found and determined that housing may be financed by means of obligations issued by any state or local govern- mental unit, the interest on which obligations is exempt from federal income taxation, and has thereby provided a method to aid state and local govern- mental units to provide assistance to meet the need for housing. (5) The provisions of this act are found and declared to be necessary and in the public interest as a matter of legislative determination. Section 3. Definitions. --As used in this act: (1) "Area of operation" means the area within the territorial boundaries of the county for which the housing finance authority is created, and any area outside the territorial boundaries of such county if the governing body of the county within which such outside area is located approves. The approval may be a general approval or an approval only for specified qualifying housing developments or only for a specified number of qualifying housing develop- ments. (2) "Bonds" means any bonds, notes, debentures, interim certificates, or other evidences of financial indebtedness issued by a housing finance authority under and pursuant to this act. (3) "Housing finance authority" means a housing finance authority created pursuant to section 4 of this act. (4) "Housing development" means any residential building, land, equip- ment, facility, or other real or personal property which may be necessary, convenient, or desireable in connection therewith, including streets, sewers, water and utility services, parks, gardening, administrative, community, health, recreational, and educational facilities, and other facilities related and subordinate to moderate, middle, or lesser income housing, and also in- cludes site preparation, the planning of housing and improvements, the acquisition of property, the removal or demolition of existing structures, the acquisition, construction, reconstruction, and rehabilitation of housing and improvements, and all other work in connection therewith, and all costs of financing, including without limitation the cost of consultant and legal ser- vices, other expenses necessary or incident to determining the feasibility of the housing development, administrative and other expenses necessary or