Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 107
Limited return on investment
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 5
§ 107. Limited return on investment. Subject to the provisions of
section one hundred twenty-three of this article, there shall be paid
annually out of the earnings of the redevelopment company, after
providing for all expenses, taxes and assessments, a sum for interest on
and amortization of any mortgage indebtedness and depreciation charges
if, when and to the extent deemed necessary by the supervising agency,
plus a distribution of six per centum on the capital and interest not
exceeding six per centum on outstanding income debentures; except that
in the case of redevelopment companies formed prior to April
twenty-ninth nineteen hundred sixty, and subject to the provisions of
section one hundred twenty-three of this article, there shall be paid
annually out of the earnings of the redevelopment company, after
providing for all expenses, taxes and assessments a sum for interest
amortization, depreciation and distributions, equal to but not exceeding
six per centum of the total actual final cost of the project as defined
by subdivision two of section one hundred twelve of this article; the
obligation in respect of such payments shall be cumulative, and any
deficiency in interest, amortization, depreciation and distributions in
any year shall be paid either from any cash surplus derived from
earnings remaining in the treasury of the redevelopment company in
excess of the amount necessary to provide such cumulative annual sums or
from the first available earnings in subsequent years; and any cash
surplus derived from earnings remaining in the treasury of the
redevelopment company in excess of the amount necessary to provide such
cumulative annual sums shall, upon the dissolution of, or in the case of
a redevelopment company which is a trust the termination of the company,
be paid into the general fund of the municipality except as otherwise
contemplated by subdivision five of section one hundred twenty-three of
this article.