|YSC, Title 9. Public Property, Purchasing & Contracts|
Chapter 7. Government Housing
§701. Governor authorized to obtain loan for construction.
§702. Interest rate on loan.
§703. Conditions for execution of loan agreement.
§704. Certification by Committee on Finance of meeting of conditions.
§705. Authorization for collection of revenues from rental of governmental
§706. Governor's report.
The Governor is hereby authorized to borrow an amount not to exceed $400,000.00 for the purpose of constructing safe, decent, and sanitary government housing to supplant or replace the "Pink Apartments".
Source: YSL 1-82 §1, modified.
Cross-reference: The statutory provisions on Taxation and Finance are found in Title 13 of this Code. The statutory provisions on Public Property, Purchasing and Contracts are found in Title 9 of this Code.
A loan agreement shall be negotiated by the Governor on such terms as he deems proper, provided that such agreement shall not contain a provision for interest in an amount in excess of the lawful rate of interest per annum. The State Government shall be solely responsible and liable for the payment of the sum borrowed and interest thereon.
Source: YSL 1-82 §2, as amended by YSL 1-156 §1, modified.
Prior to the execution of a loan agreement the Governor shall:
(a) Make good faith efforts to have private business construct government housing to be rented or leased by the State Government or its employees; and
(b) Prepare architecture and engineering plans for the construction of government housing to be funded by the loan.
Source: YSL 1-82 §3, as amended by YSL 1-156 §2, modified.
The Committee on Finance of the Legislature shall be the sole judge of the Governor's compliance with the provisions of section 703 of this chapter. No loan agreement shall be executed pursuant to the terms of this chapter until the Governor receives written certification from the Committee on Finance of satisfactory compliance with the provisions of section 703 of this chapter.
Source: YSL 1-82 §4, modified.
Cross-reference: The statutory provisions on the Legislature are found in Title 2 of this Code.
The Governor is authorized to charge rent or maintenance fees to occupants of government housing subject to outstanding contractual rights and duties and applicable law. All revenues collected from payment of rent for government housing shall be deposited in an account to be used solely for government housing.
Source: YSL 1-82 §5, modified.
The Governor shall submit a report to the Legislature upon his execution of any loan agreement pursuant to this chapter, and shall submit proposals or repayment of the obligation in his annual budgets.
Source: YSL 1-82 §6, modified.