WILLIAM DONALD SCHAEFER, Governor Ch. 330

ANY REQUIREMENTS IMPOSED BY THE COUNTY GOVERNMENT AFTER
THE ISSUANCE OF THE BONDS TO ASSURE OR PROTECT THE FINANCIAL
SOLVENCY OF THE PROJECT. THE TOTAL PRINCIPAL OF THE BONDS
GUARANTEED UNDER THIS AUTHORITY MAY NOT EXCEED $50,000,000.
THE BONDS AUTHORIZED TO BE GUARANTEED BY THIS SECTION ARE
SUBJECT TO THE PROVISIONS OF § 312 OF THE MONTGOMERY COUNTY
CHARTER, EXCEPT AS FOLLOWS: (I) THE GUARANTEED BONDS MAY BE
STRUCTURED WITH SUBSTANTIALLY LEVEL DEBT SERVICE PAYMENTS,
AND WITH INTEREST ONLY PAYMENTS DURING THE PROJECTED PERIOD
FOR CONSTRUCTION OR REHABILITATION OF THE HOUSING PROJECT
FINANCED WITH BONDS ISSUED PURSUANT TO THIS SECTION AND § 1-501
OF THIS ARTICLE; (II) THE GUARANTEED BONDS SHALL BE ISSUED ON A
SERIAL MATURITY PLAN, PROVIDED THAT IF REQUIRED FOR MARKET
ACCEPTANCE AND APPROVED BY THE COUNTY GOVERNMENT IN THE
MANNER SPECIFIED BY THE COUNTY COUNCIL RESOLUTION ADOPTED
PURSUANT TO THE APPROVAL PROCESS SET FORTH IN PARAGRAPH
(3)(II) OF THIS SUBSECTION, A PORTION OF EACH ISSUE MAY BE SOLD AS
TERM BONDS STRUCTURED WITH MANDATORY SINKING FUND
PAYMENTS.

(2) UPON DETERMINATION BY THE HOUSING OPPORTUNITIES
COMMISSION TO ISSUE BONDS UNDER THIS AUTHORITY, THE HOUSING
OPPORTUNITIES COMMISSION SHALL PROVIDE THE COUNTY EXECUTIVE
WITH INFORMATION CONCERNING THE PROPOSED BONDS AND THE
HOUSING PROJECTS TO BE BENEFITED BY THE FUNDS FROM THE SALE
OF SUCH BONDS, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING:

(I) TERMS AND CONDITIONS OF THE BONDS;

(II) ESTIMATED BOND INTEREST RATE, AND THE BASIS
FOR THE ESTIMATE;

(III) ESTIMATED TIMING AND OTHER PROVISIONS
CONCERNING THE ADVERTISING AND SALE OF THE BONDS;

(IV) DESCRIPTION OF THE PROPOSED PROJECT WITH
DETAILED ESTIMATES OF CONSTRUCTION AND RELATED COSTS TO
BRING IT TO THE POINT OF READINESS TO RENT OR SELL;

(V) DETAILED ESTIMATES OF OPERATING COST AND
DEBT SERVICE;

(VI) SCHEDULES OF RESERVES FOR DEPRECIATION AND
MAJOR MAINTENANCE;

(VII) SEPARATE SCHEDULES SHOWING HOW, AFTER
ALLOWANCE FOR VACANCIES, THE REVENUES ARE EXPECTED TO
COVER OPERATING COST, DEBT SERVICE AND CAPITAL COST, AND
RESERVES FOR DEPRECIATION AND MAJOR MAINTENANCE;

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