(1) The city, at the city's sole and absolute discretion, may: (a) Contract with a nonprofit entity or private entity to manage, maintain, and operate any housing project constructed, acquired, owned, or leased by the city; or (b) Deliver possession of any housing projects constructed, acquired, owned, or leased by the city to the authority within the boundaries of which the city is included, but the title to all property comprising such housing projects shall remain in the city. The authority shall operate and maintain all housing projects of the city that the city has delivered possession of in accordance with this subsection (1)(b) and shall fix, levy, and collect such rents, fees, or other charges for the use and occupancy of such housing projects as such authority determines; but if there are any agreements of the city with an obligee, the authority shall fix, levy, collect, and revise such rents, fees, and other charges in accordance with such agreements and subject thereto. All rents, fees, and other charges received by the authority from any such housing project shall not be commingled with any money of the authority and shall be deposited in a special account in any depository authorized in section 24-75-603. (2) After the payment of the cost of operation and maintenance of a housing project that the city delivers possession of to the authority pursuant to subsection (1)(b) of this section, the net receipts of such project shall be paid by the authority to the city at monthly or longer intervals as the city may determine or at such intervals as shall be provided for in any agreement by the city with an obligee.
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