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This entry was published on 2019-12-20
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SECTION 94
Authorization to make subsidies
Public Housing (PBG) CHAPTER 44-A, ARTICLE 5
§ 94. Authorization to make subsidies. A municipality is authorized to
make or contract to make capital or periodic subsidies to an authority
operating within the territorial limits of such municipality, payable
only with moneys locally appropriated therefor from the general or other
funds available for current expenses of such municipality. Periodic
subsidies shall not be contracted for a period longer than the life of
the project assisted thereby, and in no event for more than fifty years.
If the amount of any periodic subsidy shall be equal to or greater than
the interest on and the amounts required annually for the payment of the
indebtedness contracted by the authority on account of a project in any
year, such contract shall constitute a guarantee of the principal of and
the interest on such indebtedness, and such contract and the payments
thereunder may be pledged by the authority as security in addition to
all other security which the authority may give for such indebtedness.

A municipality may levy one or more of the taxes enumerated in section
one hundred ten for the purpose of making municipal subsidies. The
revenues resulting from the imposition of such tax or taxes, other than
the taxes described in subdivision (e) of section one hundred ten of
this chapter in a city having a population of one million or more,
notwithstanding the provisions of any general, special or local law to
the contrary, shall be deposited in the city treasury and credited to a
separate account. During each fiscal year of such municipality, an
amount not in excess of the amount of the subsidies to be made by such
municipality during such fiscal year shall be charged to such account
and credited to the general fund for the reduction of taxation or into
the general or other fund available for current expenses of such
municipality. No other payment shall be charged to such account. The
provisions of section one hundred eleven of this chapter shall be
applicable to any tax or taxes imposed pursuant to this section.

In a city having a population of one million or more, the revenues
from the taxes described in subdivision (e) of section one hundred ten
of this chapter shall be deposited in the general fund and a payment of
an equal amount shall be made, in the same fiscal year or as soon as
practicable thereafter, for the purposes described in such section.