§ 42-55-29. Liberal construction.
Neither this chapter nor anything contained in this section is or shall be construed
as a restriction or limitation upon any powers which the corporation might otherwise
have under any laws of this state, and this chapter is cumulative to those powers.
The corporation shall use its restricted fund balances only (i) for the provision
of housing, including, but not limited to, the acquisition, retention, rehabilitation,
construction, development, operation, and maintenance of housing units for low and
moderate income persons; activities that support and assist the development of housing
for low and moderat
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§ 42-55-29. Liberal construction.
Neither this chapter nor anything contained in this section is or shall be construed
as a restriction or limitation upon any powers which the corporation might otherwise
have under any laws of this state, and this chapter is cumulative to those powers.
The corporation shall use its restricted fund balances only (i) for the provision
of housing, including, but not limited to, the acquisition, retention, rehabilitation,
construction, development, operation, and maintenance of housing units for low and
moderate income persons; activities that support and assist the development of housing
for low and moderate income persons; and the incidental expenses related to the financing
of those activities and (ii) for the general administrative costs of the corporation.
This chapter does and shall be construed to provide a complete, additional, and alternative
authority for doing the things authorized hereby, and shall be regarded as supplemental
and additional to powers conferred by other laws. The issuance of bonds, notes, and
other obligations of the corporation under the provisions of this chapter need not
comply with the requirements of any other state law applicable to the issuance of
bonds, notes, and other obligations, and contracts for the construction and acquisition
of any housing developments undertaken pursuant to this chapter need not comply with
the provisions of any other state law applicable to contracts for the construction
and acquisition of state owned property. No proceedings, notice, or approval under
chapter 35 of this title or otherwise, shall be required for the issuance of any bonds, notes, and other obligations,
any instrument as security therefor, or in connection with the adoption of any bond
resolution, except as is provided in this chapter.