WILLIAM DONALD SCHAEFER, Governor Ch. 629

the application is for a zoning classification created after the approval of the master
plan by the council, then an affirmative vote of [four] 5 members of the district council
is required to grant the application or applications. In all other cases, an application
may not be granted except by affirmative vote of at least [four] 5 members of the
district council.

Article 44A - Housing Authorities

15.

(c) (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 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
[five] 6 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(iv) The approval of the bond guarantee may be rescinded by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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect December 3, 1990.

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