The City Created a Legally Separate Housing Authority to Provide

Multiple Choice

The city created a legally separate housing authority to provide low-income housing to residents of the city. The city issues debt for the housing authority in the name of the city, but the housing authority is responsible for repayment of the debt. The housing authority is governed by a board composed of all five members of the city council. The authority can take action based on the affirmative vote of a simple majority of the board. In what manner would the authority be included in the city's basic financial statements?

A) Blended.
B) Discretely presented.
C) Note disclosure only.
D) Not included in any manner.