Authorizes issuance of bonds to finance repairs to public housing units. Appropriates funds.

A BILL FOR AN ACT

SECTION 1. The director of finance is authorized to issue general obligation bonds in the sum of $5,000,000, or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal year 2006-2007 for the purpose of renovating and making repairs to vacant public housing units.

SECTION 2. The sum appropriated shall be expended by the housing and community development corporation for the purposes of this Act.

SECTION 3. The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2008, shall lapse as of that date.

SECTION 4. This Act shall take effect on July 1, 2006.