WILLIAM DONALD SCHAEFER, Governor Ch. 330

CONTROLLING THE EXPENDITURES OF THE BOND FUNDS AND THE
REVENUES AND EXPENDITURES FOR PROJECTS FINANCED BY THE BOND
FUNDS.

(III) THE APPROVAL OF THE BOND GUARANTEE BY THE
COUNTY COUNCIL SHALL BE SUBMITTED TO THE COUNTY EXECUTIVE
WITHIN 3 DAYS FOR CONCURRENCE. IF THE COUNTY EXECUTIVE DOES
NOT COMMUNICATE DISAPPROVAL AND REASONS FOR THE
DISAPPROVAL TO THE COUNCIL WITHIN 10 DAYS AFTER RECEIPT, THE
COUNCIL'S APPROVAL SHALL STAND. IF THE COUNTY EXECUTIVE
DISAPPROVES, THE COUNCIL MAY OVERRIDE THAT DISAPPROVAL BY
VOTE OF AT LEAST 5 MEMBERS.

(IV) THE APPROVAL OF THE BOND GUARANTEE MAY BE
RESCINDED BY RESOLUTION OF THE COUNCIL ADOPTED AT ANY TIME
PRIOR TO THE ADVERTISEMENT OF THE BONDS OR IN THE CASE OF A
PRIVATE SALE, THE SALE OF THE BONDS OR THE DISTRIBUTION OF A
RELATED OFFERING CIRCULAR, WHICHEVER SHALL FIRST OCCUR.

(4) NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS
SECTION AND § 1-501 OF THIS ARTICLE, UPON REQUEST OF THE HOUSING
OPPORTUNITIES COMMISSION, MONTGOMERY COUNTY MAY ALLOCATE
BY LOCAL LAW A PORTION OF THE TOTAL AMOUNT OF THE GUARANTEE
AUTHORIZED BY THIS SECTION, IN AN AMOUNT TO BE DETERMINED BY
SUCH LOCAL LAW. THE COUNTY EXECUTIVE MAY FROM TIME TO TIME
APPROVE BY EXECUTIVE ORDER THE UTILIZATION OF ALL OR A PART
OF SUCH ALLOCATION AS A BOND GUARANTEE, IN WHICH EVENT NO
ADDITIONAL APPROVAL OF THE BOND GUARANTEE BY THE COUNTY
COUNCIL SHALL BE REQUIRED. PURSUANT TO SUCH EXECUTIVE ORDER,
THE HOUSING OPPORTUNITIES COMMISSION MAY ISSUE BONDS
GUARANTEED BY ALL OR A PART OF THE ALLOCATION, THE PROCEEDS
OF WHICH BONDS SHALL BE USED TO FINANCE IN WHOLE OR IN PART
MORTGAGE LOANS SECURED BY HOUSING AND TO 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, OR A PRIVATE MORTGAGE INSURER WHICH IS
APPROVED BY THE FEDERAL NATIONAL MORTGAGE ASSOCIATION OR
THE FEDERAL NATIONAL MORTGAGE LOAN CORPORATION AND WHICH
IS AUTHORIZED TO DO BUSINESS IN THE STATE OF MARYLAND, OR BY
ANY COMBINATION OF SUCH INSURERS.

(5) THE HOUSING OPPORTUNITIES COMMISSION SHALL
PROVIDE TO THE MONTGOMERY COUNTY GOVERNMENT ANNUAL
AUDITS PERFORMED BY AN INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANT LICENSED IN THE STATE OF MARYLAND, ON PROJECTS
FINANCED BY BONDS GUARANTEED BY MONTGOMERY COUNTY. IN
ADDITION TO PROVIDING APPROPRIATE CERTIFIED FINANCIAL
STATEMENTS, THE INDEPENDENT AUDITOR SHALL PROVIDE A

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