1999 Wisconsin Act 150

(m) "Mortgage" includes deeds of trust, mortgages, building and loan contracts, land contracts or other instruments conveying real or personal property as security for bonds and conferring a right to foreclose and cause a sale thereof of the real property or personal property.

(n) "Obligee of the authority" or "obligee" includes any bondholder, trustee or trustees for any bondholders, any lessor demising property to the authority used in connection with a housing project or any assignee or assignees or such of the lessor's interest or any part thereof of the lessor's interest, and the United States of America, when it is a party to any contract with the authority.

(o) "Real property" includes lands, lands under water, structures, and any and all easements, franchises and incorporeal hereditaments and every estate and right therein in an estate, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise.

150,381 Section 381. 66.395 (3) (q) of the statutes is repealed.

Note: Repeals a provision that defines a state as the state of Wisconsin. The provision is unnecessary.

150,382 Section 382. 66.395 (3) (r) and (s) and (4) to (7) of the statutes are renumbered 66.1213 (4) (q) and (r) and (5) to (8), and 66.1213 (4) (q), (5) (a) and (c), (6), (7) (intro.) and (a) and (8), as renumbered, are amended to read:

66.1213 (4) (q) "State public body" means any city, town, incorporated village, county, municipal corporation, commission, district, authority, other subdivision or public body of the state.

(5) (a) When the council of a city by proper resolution declares at any time hereafter declares by resolution that there is need for an authority to function in the city, a public body corporate and politic shall then exist in the city and be known as the "housing authority" of the city. Such The authority shall then be authorized to may transact business and exercise any powers herein granted to it under this section.

(c) In any suit, action or proceeding involving the validity or enforcement of or relating to any contract of the authority, the authority shall be conclusively deemed to have become established and authorized to transact business and exercise its powers hereunder under this section upon proof of the adoption of a resolution by the council declaring the need for the authority. Such The resolution or resolutions shall be deemed is sufficient if it declares that there is such the need for an authority and finds in substantially the foregoing terms (no further detail being necessary) that either or both of the above enumerated conditions exist that the condition described in par. (b) exists in the city. A copy of such the resolution duly certified by the city clerk shall be is admissible evidence in any suit, action or proceeding.

(6) Section 66.40 66.1201 applies. The provisions of s. 66.40 66.1201 (5) to (24) (ag), (25) and (26) shall apply to housing authorities and providing housing for elderly persons under this section without reference to the income of such those persons.

(7) Sections 66.401 66.1203 to 66.404 66.1211 apply. (intro.) The provisions of ss. 66.401 66.1203 to 66.404 66.1211 shall apply to housing authorities and providing housing for elderly persons under this section without reference to the income of such those persons, except as follows:

(a) As set down by the federal housing authority in the case of housing projects to the financing or subsidizing of which it is a party; or .

(8) Not applicable to low-rental housing projects. This section shall does not apply to projects required to provide low-rental housing only.

150,383 Section 383. 66.40 (title) of the statutes is renumbered 66.1201 (title).

150,384 Section 384. 66.40 (1) to (2m) and (3) (intro.) and (a) to (c) of the statutes are renumbered 66.1201 (1) to (2m) and (3) (intro.) and (a) to (c), and 66.1201 (1), (2), (2m) and (3) (intro.), (a) and (c), as renumbered, are amended to read:

66.1201 (1) Short title. Sections 66.40 66.1201 to 66.404 66.1211 may be referred to as the "Housing Authorities Law".

(2) Finding and declaration of necessity. It is declared that there exist in the state insanitary or unsafe dwelling accommodations and that persons of low income are forced to reside in such insanitary or unsafe accommodations; that within the state there is a shortage of safe or sanitary dwelling accommodations available at rents which persons of low income can afford and that such these persons are forced to occupy overcrowded and congested dwelling accommodations; that the aforesaid conditions described in this subsection cause an increase in and spread of disease and crime and constitute a menace to the health, safety, morals and welfare of the residents of the state and impair economic values; that these conditions necessitate excessive and disproportionate expenditures of public funds for crime prevention and punishment, public health and safety, fire and accident protection, and other public services and facilities; that these slum areas cannot be cleared, nor can the shortage of safe and sanitary dwellings for persons of low income be relieved, through the operation of private enterprise, and that the construction of housing projects for persons of low income would, therefore, not be competitive with private enterprise; that the clearance, replanning and reconstruction of the areas in which insanitary or unsafe housing conditions exist and the providing of safe and sanitary dwelling accommodations for persons of low income are public uses and purposes for which public money may be spent and private property acquired and are governmental functions of state concern; that it is in the public interest that work on such these projects be commenced as soon as possible in order to relieve unemployment which now constitutes an emergency; and the necessity in the public interest for the provisions hereinafter enacted of this section, is declared as a matter of legislative determination.

(2m) Discrimination. Persons otherwise entitled to any right, benefit, facility or privilege under ss. 66.40 66.1201 to 66.404 66.1211 shall not, with reference thereto, be denied them in any manner for any purpose nor be discriminated against because of sex, race, color, creed, sexual orientation or national origin.

(3) Definitions. (intro.) The following terms, wherever used or referred to in ss. 66.40 to 66.404 shall have the following respective meanings In ss. 66.1201 to 66.1211, unless a different meaning clearly appears from the context:

(a) "Area of operation" includes the city for which a housing authority is created and, the area within 5 miles of the territorial boundaries thereof of the city but not beyond the county limits of the county in which such the city is located and provided further that in the case of all cities the area of operation shall be limited to the area within the limits of such the city unless the city shall annex annexes the area of operation, but the area of operation of a housing authority shall. "Area of operation" does not include any area which lies within the territorial boundaries of any city for which another housing authority is created by this section.

(c) "Bonds" shall mean means any bonds, interim certificates, notes, debentures or other obligations of the authority issued pursuant to ss. 66.40 66.1201 to 66.404 66.1211.

150,385 Section 385. 66.40 (3) (d) of the statutes is repealed.

Note: Repeals a provision that defines a city to be a city. The provision is unnecessary.

150,386 Section 386. 66.40 (3) (e) to (q) of the statutes are renumbered 66.1201 (3) (cm) to (o), and 66.1201 (3) (cm) to (n), as renumbered, are amended to read:

66.1201 (3) (cm) "City clerk" and "mayor" shall mean the clerk and mayor, respectively, of the city or the officers thereof of the city charged with the duties customarily imposed on the clerk and mayor, respectively.

(d) "Commissioner" shall mean means one of the members of an authority appointed in accordance with ss. 66.40 66.1201 to 66.404 66.1211.

(e) "Community facilities" shall include includes real and personal property, and buildings and equipment for recreational or social assemblies, for educational, health or welfare purposes and necessary utilities, when designed primarily for the benefit and use of the housing authority or the occupants of the dwelling accommodations, or for both.

(f) "Contract" shall mean means any agreement of an authority with or for the benefit of an obligee whether contained in a resolution, trust indenture, mortgage, lease, bond or other instrument.

(g) "Council" means the common council or other body charged with governing the a city.

(h) "Federal government" shall include includes the United States of America, the federal emergency administration of public works or and any agency, or instrumentality, corporate or otherwise, of the United States of America.

(i) "Government" includes the state and federal governments and any subdivision, agency or instrumentality, corporate or otherwise, of either of them.

(j) "Housing projects" shall include includes all real and personal property, building and improvements, stores, offices, lands for farming and gardening, and community facilities acquired or constructed or to be acquired or constructed pursuant to a single plan or undertaking (a) either to demolish, clear, remove, alter or repair insanitary or unsafe housing, or (b) to provide safe and sanitary dwelling accommodations for persons of low income, or for a combination of said (a) and (b). The term "housing project" may also be applied to both. "Housing projects" includes the planning of buildings and improvements, the acquisition of property, the demolition of existing structures, the construction, reconstruction, alteration and repair of the improvements and all other related work in connection therewith.

(k) "Mortgage" shall include includes deeds of trust, mortgages, building and loan contracts, land contracts or other instruments conveying real or personal property as security for bonds and conferring a right to foreclose and cause a sale thereof of the real property or personal property.

(L) "Obligee of the authority" or "obligee" shall include includes any bondholder, trustee or trustees for any bondholders, any lessor demising property to the authority used in connection with a housing project or any assignee or assignees or such of the lessor's interest or any part thereof of the lessor's interest, and the United States of America federal government, when it is a party to any contract with the authority.

(m) "Persons of low income" means persons or families who lack the amount of income which is necessary (, as determined by the authority undertaking the housing project), to enable them, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding.

(n) "Real property" shall include includes lands, lands under water, structures, and any and all easements, franchises and incorporeal hereditaments and every estate and right therein in an estate, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise.

150,387 Section 387. 66.40 (3) (r) of the statutes is repealed.

Note: Repeals a provision that defines a state as the state of Wisconsin. The provision is unnecessary.

150,388 Section 388. 66.40 (3) (s) and (t) and (4) to (26) of the statutes are renumbered 66.1201 (3) (p) and (q) and (4) to (26), and 66.1201 (3) (p) and (q), (4) to (8), (9) (intro.), (a) to (f), (h) to (L) and (o) to (w), (10) (a), (b) (intro.) and 1. and (c) to (h), (11), (13) (a) 1. (intro.), a. and b., (b) and (c), (14) (a), (b), (d) and (e), (15) (intro.), (a) to (k), (L) (intro.) and 2. to 4. and (Lm) to (x), (16) (b) (intro.), 1. and 2., (17) to (22), (24) (a) and (b) (intro.), 1. and 2., (25) (a) to (f) and (h) and (26), as renumbered, are amended to read:

66.1201 (3) (p) "State public body" means any city, town, incorporated village, county, municipal corporation, commission, district, authority, other subdivision or public body of the state.

(q) "Trust indenture" shall include includes instruments pledging the revenues of real or personal properties.

(4) Creation of housing authorities. (a) When the a council of a city by proper resolution shall declare at any time hereafter declares by resolution that there is need for an authority to function in the city, a public body corporate and politic shall then exist exists in the city and shall be known as the "housing authority" of the city. Such The authority shall may then be authorized to transact business and exercise any powers herein granted to it under this section.

(b) The council shall adopt a resolution declaring that there is need for a housing authority in the city if it shall find the council finds that insanitary or unsafe inhabited dwelling accommodations exist in the city or that there is a shortage of safe or sanitary dwelling accommodations in the city available to persons of low income at rentals they can afford. In determining whether dwelling accommodations are unsafe or insanitary said the council may take into consideration the degree of overcrowding, the percentage of land coverage, the light, air, space and access available to the inhabitants of such the dwelling accommodations, the size and arrangement of the rooms, the sanitary facilities, and the extent to which conditions exist in such the buildings which endanger life or property by fire or other causes.

(c) In any suit, action or proceeding involving the validity or enforcement of or relating to any contract of the authority, the authority shall be conclusively deemed to have become established and authorized to transact business and exercise its powers hereunder under this section upon proof of the adoption of a resolution by the council declaring the need for the authority. Such The resolution or resolutions shall be deemed is sufficient if it declares that there is such a need for an authority and finds in substantially the foregoing terms (no further detail being necessary) that either or both of the above enumerated conditions described in par. (b) exist in the city. A copy of such the resolution duly certified by the city clerk shall be is admissible evidence in any suit, action or proceeding.

(5) Appointment, qualifications and tenure of commissioners. (a) When the council of a city adopts a resolution under sub. (4), it shall promptly notify the mayor. Upon receiving such the notice, the mayor shall, with the confirmation of the council, appoint 5 persons as commissioners of the authority, except that the mayor of a 1st class city that has created a housing authority before May 5, 1994, shall appoint 7 commissioners, at least 2 of whom shall be residents of a housing project acquired or constructed by the authority. No commissioner may be connected in any official capacity with any political party nor shall may more than 2 be officers of the city in which the authority is created. The powers of each authority shall be vested in the commissioners thereof in office from time to time of the authority.

(b) The first 5 commissioners who are first appointed shall be designated by the mayor to serve for terms of 1, 2, 3, 4 and 5 years respectively from the date of their appointment and the 2 additional commissioners appointed by the mayor of a 1st class city under par. (a) shall be first appointed to terms of 3 and 5 years respectively. Thereafter, the term of office shall be 5 years. A commissioner shall hold office until his or her successor has been appointed and has qualified. Vacancies shall be filled for the unexpired term in the same manner as other appointments. Three commissioners shall constitute a quorum, except that in an authority with 7 commissioners, 4 commissioners shall constitute a quorum. The mayor shall file with the city clerk a certificate of the appointment or reappointment of any commissioner and such the certificate shall be is conclusive evidence of the proper appointment of that commissioner if that commissioner has been confirmed under this paragraph and has taken and filed the official oath before entering office. The council of a city may pay commissioners a per diem and mileage and other necessary expenses incurred in the discharge of their duties at rates established by the council.

(c) When the office of the first chairperson of the authority becomes vacant, the authority shall select a chairperson from among its members. An authority shall select from among its members a vice chairperson, and it may employ a secretary (, who shall be executive director), technical experts and such other officers, agents and employes, permanent and temporary, as it may require, and shall determine their qualifications, duties and compensation. An authority may call upon the city attorney or chief law officer of the city for such legal services as it may require. An authority may delegate to one or more of its agents or employes such powers or duties as it may deem proper of the authority.

(6) Duty of the authority and its commissioners. The authority and its commissioners shall be under a statutory duty to comply or to cause compliance strictly with all provisions of ss. 66.40 66.1201 to 66.404 and 66.1211, with the laws of the state and in addition thereto, with each and every term, provision and covenant in with any contract of the authority on its part to be kept or performed.

(7) Interested commissioners or employes. No commissioner or employe of an authority shall may acquire any interest direct or indirect interest in any housing project or in any property included or planned to be included in any project or have any interest direct or indirect interest in any contract or proposed contract for insurance, materials or services to be furnished or used in connection with any housing project. If any a commissioner or employe of an authority owns or controls an interest a direct or indirect interest in any property included or planned to be included in any housing project, that person shall immediately disclose the same interest in writing to the authority and such the disclosure shall be entered upon the minutes of the authority. Failure to so disclose such the interest shall constitute constitutes misconduct in office.

(8) Removal of commissioners. For inefficiency or neglect of duty or misconduct in office, a commissioner of an authority may be removed by the mayor, but a commissioner shall may be removed only after having been given a copy of the charges at least 10 days prior to before the hearing thereon on the charges and had an opportunity to be heard in person or by counsel. In the event of the removal of any commissioner If a commissioner is removed, a record of the proceedings, together with the charges and findings thereon, shall be filed in the office of the city clerk. To the extent applicable, the provisions of s. 17.16 relating to removal for cause shall apply to any such removal.

(9) Powers of authority. (intro.) An authority shall constitute is a public body and a body corporate and politic, exercising public powers, and having has all the powers necessary or convenient to carry out and effectuate the purposes and provisions of ss. 66.40 66.1201 to 66.404 66.1211, including the following powers in addition to others herein granted in this section:

(a) Within its area of operation to prepare, carry out, acquire, lease and operate housing projects approved by the council; to provide for the construction, reconstruction, improvement, alteration or repair of any housing project or any part thereof of a housing project.

(b) To take over by purchase, lease or otherwise any housing project undertaken by any government and located within the area of operation of the authority when approved by the council; to purchase, lease, obtain options upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property or any interest therein in the real or personal property.

(c) To act as agent for any government in connection with the acquisition, construction, operation or management of a housing project or any part thereof of a housing project.

(d) To arrange or contract for the furnishing of services, privileges, works, or facilities for, or in connection with, a housing project or the occupants thereof of a housing project.

(e) To lease or rent any dwellings, houses, accommodations, lands, buildings, structures or facilities embraced in any housing project and (, subject to the limitations contained in this section), to establish and revise the rents or charges therefor for the housing project.

(f) Within its area of operation to investigate into living, dwelling and housing conditions and into the means and methods of improving such those conditions; and to engage in research and studies on the subject of housing.

(h) To acquire by eminent domain any real property, including improvements and fixtures thereon on the real property.

(i) To own, hold, clear and improve property, to insure or provide for the insurance of the property or operations of the authority against such any risks as the authority may deem advisable, to procure insurance or guarantees from the federal government of the payment of any debts or parts thereof of debts secured by mortgages made or held by the authority on any property included in any housing project.

(j) To contract for sale and sell any part or all of the interest in real estate acquired and to execute such contracts of sale and conveyances as the authority may deem considers desirable.

(k) In connection with any loan, to agree to limitations upon its right to dispose of any housing project or part thereof of a housing project.

(L) In connection with any loan by a government, to agree to limitations upon the exercise of any powers conferred upon the authority by ss. 66.40 66.1201 to 66.404 66.1211.

(o) To make and from time to time amend and repeal bylaws, rules and regulations not inconsistent with ss. 66.40 66.1201 to 66.404 66.1211, to carry into effect the powers and purposes of the authority.

(p) To exercise all or any part or combination of powers herein granted in this section. No provisions of law with respect to the acquisition or disposition of property by other public bodies shall be are applicable to an authority unless the legislature shall specifically so state otherwise provided.

(q) The To execute bonds, notes, debentures or other evidences of indebtedness which, when executed by a housing authority shall not be, are not a debt or charge against any city, county, state or any other governmental authority, other than against the housing authority itself and its available property, income or other assets in accordance with the terms thereof of an evidence of indebtedness and of this section, and no individual liability shall attach exists for any official act done by any member of the authority. No such authority shall have any power whatsoever to may levy any tax or assessment.

(r) To provide by all means available under ss. 66.40 66.1201 to 66.404 66.1211 housing projects for veterans and their families regardless of their income. Such The projects shall not be are not subject to the limitations of s. 66.402 66.1205.

(s) Notwithstanding the provisions of any law in conflict herewith, the housing authority of any city is expressly authorized, to acquire sites, ; to prepare, to carry out, acquire, lease, construct and operate housing projects to provide temporary dwelling accommodations for families regardless of income who are displaced under ss. 66.40 66.1201 to 66.43, 66.1331; to further slum clearance, urban redevelopment, and blight elimination,; and to provide temporary dwelling accommodations for families displaced by reason of any street widening, expressway or other public works project causing the demolition of dwellings.

(t) To participate in an employe retirement or pension system of the city which has declared the need for the authority and to expend funds of the authority for such this purpose.

(u) Any 2 or more authorities may To join or cooperate with one another or more authorities in the exercise, either jointly or otherwise, of any or all of their powers for the purpose of financing (, including the issuance of bonds, notes or other obligations and giving security therefor) for these obligations, planning, undertaking, owning, constructing, operating or contracting with respect to a housing project located within the area of operation of any one or more of said the authorities. For such this purpose an authority may by resolution prescribe and authorize any other housing authority, so joining or cooperating with it, to act on its behalf with respect to any or all powers, as its agent or otherwise, in the name of the authority so joining or cooperating or in its own name.

(v) To establish a procedure for preservation of the preserving records of the authority by the use of microfilm, another reproductive device, optical imaging or electronic formatting if authorized under s. 19.21 (4) (c). Any such The procedure shall assure that copies of such records that are open to public inspection continue to be available to members of the public requesting them. A photographic reproduction of a record or copy of a record generated from optical disk or electronic storage is deemed the same as an original record for all purposes if it meets the applicable standards established in ss. 16.61 and 16.612.

(w) To exercise any powers of a redevelopment authority operating under s. 66.431 66.1333 if done in concert with a redevelopment authority under a contract under s. 66.30 66.0301.

(10) (a) The authority shall have the right to may acquire by eminent domain any real property, including fixtures and improvements, which it may deem deems necessary to carry out the purposes of ss. 66.40 66.1201 to 66.404 66.1211 after the adoption by it of a resolution declaring that the acquisition of the property described therein in the resolution is in the public interest and necessary for public use. The authority may exercise the power of eminent domain pursuant to ch. 32 or pursuant to any other applicable statutory provisions, now in force or hereafter enacted for the exercise of the power of eminent domain.

(b) (intro.) At any time at or after the filing for condemnation, and before the entry of final judgment, the authority may file with the clerk of the court in which the petition is filed, a declaration of taking signed by the duly authorized officer or agent of the authority declaring that all or any part of the property described in the petition is to be taken for the use of the authority. The declaration of taking shall be is sufficient if it sets forth all of the following:

1. A description of the property, sufficient for the identification thereof, to which there may be attached a plat or map thereof.

(c) From the filing of the said declaration of taking under par. (b) and the deposit in court to the use of the persons entitled thereto of the amount of the estimated compensation stated in said the declaration, title to the property specified in said the declaration shall vest vests in the authority and said the property shall be deemed to be is condemned and taken for the use of the authority and the right to just compensation for the same shall vest property vests in the persons entitled thereto to the compensation. Upon the filing of the declaration of taking the court shall designate a day (not exceeding 30 days after such the filing, except upon good cause shown) , on which the person in possession shall be required to surrender possession to the authority.

(d) The ultimate amount of compensation shall be vested vests in the manner provided by law. If the amount so vested shall exceed exceeds the amount so deposited in court by the authority, the court shall enter judgment against the authority in the amount of such the deficiency together with interest at the rate of 6 per cent % per year on such the deficiency from the date of the vesting of title to the date of the entry of the final judgment (subject , however, to abatement for use, income, rents or profits derived from such the property by the owner thereof subsequent to the vesting of title in the authority) and the. The court shall order the authority to deposit the amount of such the deficiency in court.

(e) At any time prior to before the vesting of title of property in the authority the authority may withdraw or dismiss its petition with respect to any and all of the property therein described in the petition.

(f) Upon vesting of title to any property in the authority, all the right, title and interest of all persons having an interest therein or lien thereupon, shall be in, or lien upon, the property are divested immediately and such these persons thereafter shall be are entitled only to receive compensation for such the property.

(g) Except as hereinabove provided in this subsection with reference to the declaration of taking, the proceedings shall be as is or may hereafter be provided by law for condemnation, and the deposit in court of the amount estimated by the authority upon a declaration of taking, shall be disbursed as is or may hereafter be provided by law for an award in condemnation proceedings.

(h) Property already devoted to a public use may be acquired, provided that no property belonging to any city or municipality or to any government may be acquired without its consent and that no property belonging to a public utility corporation may be acquired without the approval of the public service commission or other officer or tribunal, if any there be, having regulatory power over such the public utility corporation.

(11) Acquisition of land for government. The authority may acquire, by purchase or by the exercise of its power of eminent domain as aforesaid under sub. (10), any property, real or personal, for any housing project being constructed or operated by a government. The authority upon such terms and conditions, with or without consideration, as it shall determine, may convey title or deliver possession of such property so acquired or purchased to such the government for use in connection with such a housing project.

(13) (a) 1. (intro.) An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes. An authority may issue such types of any bonds as it may determine for its corporate purposes, including, without limiting the generality of the foregoing, bonds on which the principal and interest are payable by any of the following methods:

a. Exclusively from the income and revenues of the housing project financed with the proceeds of the bonds, or with those proceeds together with a grant from the federal government in aid of the project;.

b. Exclusively from the income and revenues of certain designated housing projects whether or not they were financed in whole or in part with the proceeds of such the bonds; or.

(b) Neither the commissioners of the authority nor any person executing the bonds shall be is liable personally on the bonds by reason of the their issuance thereof.

(c) The bonds and other obligations of the authority (and such bonds and obligations shall so state on their face) shall not be are not a debt of any city or municipality located within its boundaries or of the state and neither and this fact shall be stated on their face. Neither the state nor any such city or municipality shall be is liable thereon for the bonds or other obligations, nor in any event shall are they be payable out of any funds or properties other than those of the authority.

(14) (a) Bonds of an authority shall be authorized by its resolution and may be issued in one or more series and shall bear such any date or dates, mature at such any time or times, bear interest at such any rate or rates, be in such any denomination or denominations, be in the form of coupon bonds or of bonds registered under s. 67.09, carry such any conversion or registration privileges, have such any rank or priority, be executed in such any manner, be payable in such any medium of payment, at such any place or places, and be subject to such any terms of redemption, with or without premium, as such that the resolution, its trust indenture or mortgage may provide. Any bond reciting in substance that it has been issued by an authority to aid in financing a housing project to provide dwelling accommodations for persons of low income shall be conclusively deemed, in any suit, action or proceeding involving the validity or enforceability of such the bond or the security therefor for the bond, to have been issued for such a housing project of such character. Bonds of an authority are declared to be issued for an essential public and governmental purpose and to be are public instrumentalities and, together with interest thereon and income therefrom, shall be, are exempt from taxes.

(b) The bonds may be sold at public or private sale as the authority may provide provides. The bonds may be sold at such any price or prices as determined by the authority shall determine.

(d) The authority shall have power out of any funds available therefor to may purchase, out of available funds, any bonds issued by it at a price not more than the principal amount thereof of the bonds and the accrued interest; provided, however, that bonds. Bonds payable exclusively from the revenues of a designated project or projects shall be purchased only out of any such revenues available therefor for that purpose. All bonds so purchased shall be canceled. This paragraph shall does not apply to the redemption of bonds.