Ch. 330 LAWS OF MARYLAND

(VIII) SEPARATE SCHEDULES SHOWING THE COST,
BENEFIT, AND EFFECT ON RENT SCHEDULES OF ADDITIONAL
SAFEGUARDS TO ASSURE SOLVENCY OF THE PROJECT. THESE
SCHEDULES WOULD ADDRESS SUCH DEVICES AS MORTGAGE
INSURANCE AND DEBT SERVfCE RESERVES, AND WOULD REFLECT THE
HOUSING OPPORTUNITIES COMMISSION'S RECOMMENDATION FOR IT OR
USE OF THE DEVICES;

(IX) DESCRIPTION OF THE TERMS AND CONDITIONS FOR
CONSTRUCTION OF THE PROJECT, INCLUDING ANY SAFEGUARDS
AGAINST CONSTRUCTION DEFAULT AND THE CONDITIONS UNDER
WHICH CONSTRUCTION FINANCING IS TO BE PROVIDED BY THE
HOUSING OPPORTUNITIES COMMISSION; AND

(X) DESCRIPTION OF THE ACCOUNTING SYSTEM FOR
RECORDING AND CONTROLLING EXPENDITURES OF BOND FUNDS, DEBT
SERVICE, OPERATING COST, RESERVES, AND REVENUES. EACH PROJECT
SHALL BE ESTABLISHED AS AN INDEPENDENT ACCOUNTING ENTITY
WITH RESPECT TO REVENUES, EXPENDITURES, DEBT SERVICE, AND
RESERVES.

(3) THE LOCAL LAW IMPLEMENTING THIS AUTHORITY SHALL
PROVIDE PROCEDURES FOR REVIEW AND APPROVAL OF THE ISSUANCE
OF BONDS GUARANTEED BY THE COUNTY GOVERNMENT, INCLUDING,
BUT NOT LIMITED TO, THE FOLLOWING:

(I) THE COUNTY EXECUTIVE SHALL CONSIDER AND
COMMENT ON THE FEASIBILITY OF THE PROPOSED BOND GUARANTEE
AND EACH HOUSING PROJECT CONTEMPLATED BY THE PROPOSED BOND
GUARANTEE, AND RECOMMEND WHETHER THE PROPOSED BOND
GUARANTEE SHOULD BE APPROVED AND ANY TERMS AND CONDITIONS
ADVISABLE FOR THE APPROVAL. THE COUNTY EXECUTIVE'S
RECOMMENDATION SHALL INCLUDE A STATEMENT THAT THE
PROPOSED PROJECT IS FULLY SELF-SUPPORTING. THIS STATEMENT OF
FEASIBILITY SHALL BE SUPPORTED BY AN ACCEPTABLE INDEPENDENT
FEASIBILITY STUDY OR STUDIES FURNISHED BY THE HOUSING
OPPORTUNITIES COMMISSION. THE FURNISHING OF THE INDEPENDENT
FEASIBILITY STUDY OR STUDIES MAY BE WAIVED BY THE COUNTY
EXECUTIVE IN THE CASE OF PROJECTS FINANCED, INSURED, OR
ASSISTED BY THE STATE OR FEDERAL GOVERNMENT.

(II) AFTER CONSIDERING THE RECOMMENDATIONS OF
THE COUNTY EXECUTIVE AND AFTER PUBLIC HEARING, THE COUNTY
COUNCIL SHALL APPROVE, APPROVE WITH MODIFICATIONS, OR
DISAPPROVE THE PROPOSED BOND GUARANTEE, AND SPECIFY THE
TERMS AND CONDITIONS FOR ANY APPROVED BOND GUARANTEE. THE
TERMS AND CONDITIONS SHALL INCLUDE THE MAXIMUM INTEREST
PAYABLE, THE TERMS OF THE BOND ISSUE, THE PURPOSES FOR WHICH
THE BOND FUNDS MAY BE EXPENDED, AND THE METHOD OF

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