§ 107 — Limited return on investment

§ 107. Limited return on investment. Subject to the provisions of\nsection one hundred twenty-three of this article, there shall be paid\nannually out of the earnings of the redevelopment company, after\nproviding for all expenses, taxes and assessments, a sum for interest on\nand amortization of any mortgage indebtedness and depreciation charges\nif, when and to the extent deemed necessary by the supervising agency,\nplus a distribution of six per centum on the capital and interest not\nexceeding six per centum on outstanding income debentures; except that\nin the case of redevelopment companies formed prior to April\ntwenty-ninth nineteen hundred sixty, and subject to the provisions of\nsection one hundred twenty-three of this article, there shall be paid\nannually out of the earnings of the redevelopment company, after\nproviding for all expenses, taxes and assessments a sum for interest\namortization, depreciation and distributions, equal to but not exceeding\nsix per centum of the total actual final cost of the project as defined\nby subdivision two of section one hundred twelve of this article; the\nobligation in respect of such payments shall be cumulative, and any\ndeficiency in interest, amortization, depreciation and distributions in\nany year shall be paid either from any cash surplus derived from\nearnings remaining in the treasury of the redevelopment company in\nexcess of the amount necessary to provide such cumulative annual sums or\nfrom the first available earnings in subsequent years; and any cash\nsurplus derived from earnings remaining in the treasury of the\nredevelopment company in excess of the amount necessary to provide such\ncumulative annual sums shall, upon the dissolution of, or in the case of\na redevelopment company which is a trust the termination of the company,\nbe paid into the general fund of the municipality except as otherwise\ncontemplated by subdivision five of section one hundred twenty-three of\nthis article.\n