Ch. 330 LAWS OF MARYLAND

(H) (1) BEFORE DECEMBER 1 OF EACH YEAR, THE HOUSING
OPPORTUNITIES COMMISSION SHALL ISSUE AN ANNUAL FINANCIAL
REPORT FOR THE PREVIOUS FISCAL YEAR BASED ON A CERTIFIED
AUDIT.

(2) A SUMMARY OF THE REPORT SHALL BE PUBLISHED IN AT
LEAST 2 NEWSPAPERS OF GENERAL CIRCULATION IN MONTGOMERY
COUNTY.

(I) (1) THE HOUSING OPPORTUNITIES COMMISSION SHALL
SUBMIT ITS PROPOSED BUDGET TO THE MONTGOMERY COUNTY
COUNCIL BY MAY 1 OF EACH YEAR.

(2) THE PUBLIC SHALL HAVE AN APPROPRIATE OPPORTUNITY
TO COMMENT ON THE PROPOSED BUDGET OF THE HOUSING
OPPORTUNITIES COMMISSION.

(3) THE MONTGOMERY COUNTY EXECUTIVE AND COUNCIL
MAY REQUIRE AND SELECT AN INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANT OR FIRM OF CERTIFIED AS SUCH PUBLIC ACCOUNTANTS
LICENSED IN MARYLAND TO PERFORM AN AUDIT OF THE BOOKS OF THE
HOUSING OPPORTUNITIES COMMISSION WHO SHALL BE PAID OUT OF
THE OPERATING BUDGET OF THE COMMISSION.

2-103.

(A) (1) NOTWITHSTANDING ANY OTHER PROVISION OF THIS
SECTION AND § 1-501 OF THIS ARTICLE, MONTGOMERY COUNTY MAY
PROVIDE BY LOCAL LAW FOR THE GUARANTEE BY MONTGOMERY
COUNTY OF THE PRINCIPAL AND INTEREST ON BONDS ISSUED BY THE
HOUSING OPPORTUNITIES COMMISSION OF MONTGOMERY COUNTY TO
FINANCE THE ACQUISITION, PROVISION, DEVELOPMENT, OR
REHABILITATION OF HOUSING AT RENTAL RATES AND PRICES NOT
BEING OFFERED IN ADEQUATE QUANTITY BY THE PRIVATE SECTOR, OR
TO FINANCE IN WHOLE OR IN PART MORTGAGE LOANS SECURED BY
SUCH HOUSING AND FUND-RELATED RESERVES AND COSTS APPROVED
UNDER THE PROVISIONS OF THIS SECTION. MORTGAGE LOANS SO
FINANCED IN PART MUST BE INSURED IN PART BY THE FEDERAL
HOUSING ADMINISTRATION, THE MARYLAND HOUSING FUND, A
FEDERAL NATIONAL MORTGAGE ASSOCIATION APPROVED, OR
FEDERAL HOME LOAN MORTGAGE CORPORATION, APPROVED PRIVATE
MORTGAGE INSURER WHICH IS AUTHORIZED TO DO BUSINESS IN THE
STATE OF MARYLAND, OR BY ANY COMBINATION OF SUCH INSURERS.
THE HOUSING OPPORTUNITIES COMMISSION SHALL ADHERE TO THE
TERMS AND CONDITIONS IMPOSED BY THE COUNTY GOVERNMENT IN
PROVIDING THE GUARANTEE ON ANY BONDS ISSUED PURSUANT TO
THIS SECTION AND § 1-501 OF THIS ARTICLE. WHERE SUCH GUARANTEED
REVENUE BONDS WILL FINANCE THE TOTAL COST OF SUCH HOUSING,
THE HOUSING OPPORTUNITIES COMMISSION SHALL ALSO ADHERE TO

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