The Florida Senate

424.08  Department to fix maximum prices; basis of determination.--The Department of Community Affairs shall fix the maximum rental or purchase price to be charged for the housing accommodations furnished by such corporation. Such maximum rental or purchase price shall be determined upon the basis of the actual final cost of the project so as to secure, together with all other income of the corporation, a sufficient income to meet all necessary payments to be made by the corporation, as hereinafter prescribed; and such rental or purchase price shall be subject to revision by the department from time to time. The payments to be made by such corporation shall be:

(1)  All fixed charges, and all operating maintenance charges and expenses which shall include taxes, assessments, insurance, amortization charges in amounts approved by the department to amortize the mortgage indebtedness in whole or in part, depreciation charges if, when and to the extent deemed necessary by the department; reserves, sinking funds and corporate expenses essential to operation and management of the project in amounts approved by the department.

(2)  A dividend not exceeding the maximum fixed by this chapter upon the stock of the corporation allotted to the project by the department.

(3)  Where feasible in the discretion of the board, a sinking fund in an amount to be fixed by the department for the gradual retirement of stock, and income debentures of the corporation to the extent permitted by this chapter.

History.--s. 7, ch. 16028, 1933; CGL 1936 Supp. 4151(139); ss. 18, 35, ch. 69-106; s. 59, ch. 81-167; s. 62, ch. 83-55.