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SECTION 34400-34402

34400. It has been found and declared in the Housing Authorities
Law and the Housing Cooperation Law (a) that there exist in the State
housing conditions which constitute a menace to the health, safety,
morals and welfare of the residents of the State; (b) that these
conditions necessitate excessive and disproportionate expenditures of
public funds for crime prevention and punishment, public health and
safety, fire and accident prevention, and other public services and
facilities; (c) that the public interest requires the remedying of
these conditions by the creation of housing authorities to undertake
projects for slum clearance and for providing safe and sanitary
dwelling accommodations for persons who lack sufficient income to
enable them to live in decent, safe and sanitary dwellings without
overcrowding; and (d) that such housing projects are for public uses
and purposes and are governmental functions of state concern. As a
matter of legislative determination, it is hereby found and declared
that the property and bonds of a housing authority are of such
character as shall be exempt from taxation.

34401. The property of an authority is exempt from all taxes and
special assessments of the State or any city, county, or political
subdivision of the State. In lieu of such taxes or special
assessments the authority may agree to make payments to any city,
county, or political subdivision of the State for services,
improvements, or facilities furnished by such city, county, or
political subdivision for the benefit of a housing project owned by
the authority; but in no event shall such payments exceed the
estimated cost to such city, county, or political subdivision of the
services, improvements, or facilities.

34402. The bonds of an authority are issued for an essential public
and governmental purpose, and, together with interest thereon and
income therefrom, are exempt from all taxes.


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