Operation Not For Profit

TITLE 33 EDUCATION CHAPTER 21 JUNIOR COLLEGES 33-2123. Operation not for profit. It is hereby declared to be the policy of this state that each dormitory housing commission shall manage and operate or contract for the operation or management of its dormitory housing project in an efficient manner so as to enable it to fix the rentals to students at said junior college at the lowest possible rates consistent with providing decent, safe and sanitary accommodations, and no dormitory housing commission shall construct or operate any such project for profit or as a source of revenue to the junior college district; provided, however, that such commission shall fix the rentals for such dormitory at no higher rates than it shall find necessary in order to produce revenues (a) to pay, as the same become due, the principal and interest on the bonds of the commission, (b) to meet the cost of and to provide for maintaining and operating the projects (including the cost of any insurance) and the administrative expenses of the commission; and (c) to create (during not less than the six (6) years immediately succeeding its issuance of any bonds) a reserve sufficient to meet the largest principal and interest payments which will be due on such bonds in any one year thereafter, and to maintain such reserve.