Marvin Mandel, Governor                        1061

1(9) (2-161) Credit of state and county not pledged by bonds;
advances by county for deficiency in debt service
requirements.

The revenue bonds, certificates or other evidences of indebtedness
issued under the provisions of this Article shall not be deemed to
constitute a debt of the county or a pledge of the faith and credit of
the county or of the State of Maryland or any political subdivision
thereof, but such revenue bonds, certificates or other evidence of
indebtedness shall be payable from the funds of the authority pro-
vided from revenues of the project or projects of the authority. All
such revenue bonds shall contain a statement on their face to the
effect that the full faith and credit of the county, state or political
subdivision thereof is not pledged to pay such bonds or the interest
thereon. The issuance of the revenue bonds, certificates or other
evidence of indebtedness under the provisions of this Article shall
not directly, indirectly or contingently obligate Montgomery County
to levy or pledge any form of taxation whatever therefor or to any
appropriation for their payment; except, that the County Executive
may, with the approval of the Council, [in its discretion], collaterally
agree to provide sufficient moneys from [its] the general funds
of the county to pay any deficiency in the debt service requirements
of such bonds for any year in which there is a deficit; provided,
that any such advance shall be repaid from the receipts, rentals or
revenues of the authority in the next succeeding year in which such
receipts, rentals or revenues exceed debt service requirements and
operating expenses; and, provided further, that any such advance
under any agreement or agreements shall not exceed, but shall be
limited and restricted to, a maximum payment by the county of
twenty-five thousand dollars for any one year.

1(14) (2-166) Deposit and audit of funds; publication of financial
statement; inspection of records.

Unless otherwise provided in the resolution authorizing any issue
of bonds under this Article, or unless otherwise provided by the in-
denture of trust which secures such bonds, all moneys received by the
authority from whatever source derived shall be paid to the treasurer
of the authority. Such moneys shall be deposited in the first instance
by the treasurer in one or more banks or trust companies in one or
more special accounts, and each of such special accounts to the extent
the same is not insured shall be continuously secured by a pledge of
the direct obligations of the United States of America, of the State
of Maryland or of the county, having an aggregate market value,
exclusive of accrued interest, at all times at least equal to the balance
on deposit in such account. Such securities shall either be deposited
with the treasurer, or be held by a trustee or agent satisfactory to
the authority. All banks and trust companies are authorized to give
such security for such deposits. The moneys in such accounts shall
be paid out on the warrant or other order of the chairman of the
authority, or of such other person or persons as the authority may
authorize to execute such warrants or orders. The authority shall
have an annual examination of its books, accounts and records by a
certified public accountant. A copy of such audit shall be delivered
to the County [council] Executive of Montgomery County and to
such other persons named to receive such audit in the resolution
which authorized the issuance of the bonds or in the trust indenture