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MARVIN MANDEL, Governor 3297
those of said authority. The bonds shall not constitute
an indebtedness within the meaning of any constitutional
or statutory debt limitation or restriction. Bonds of
an authority are declared to be issued for an essential
public and governmental purpose and, together with
interest thereon and income therefrom, shall be exempt
from taxes.
(C) NOTWITHSTANDING ANY OTHER PROVISION OF THIS
SECTION, MONTGOMERY COUNTY MAY BY LOCAL LAW PROVIDE FOR
THE GUARANTEE BY MONTGOMERY COUNTY OF THE PRINCIPAL AND
INTEREST ON BONDS ISSUED BY THE HOUSING OPPORTUNITIES
COMMISSION OF MONTGOMERY COUNTY TO FINANCE THE PROVISION,
DEVELOPMENT, OR REHABILITATION OF HOUSING AT RENTAL RATES
AND PRICES NOT BEING OFFERED IN ADEQUATE QUANTITY BY THE
PRIVATE SECTOR. THE HOUSING OPPORTUNITIES COMMISSION
SHALL ADHERE TO THE TERMS AND CONDITIONS IMPOSED BY THE
COUNTY GOVERNMENT IN PROVIDING SUCH GUARANTEE, INCLUDING
ANY REQUIREMENTS IMPOSED SUBSEQUENT TO THE ISSUANCE OF
THE BONDS IN ORDER TO ASSURE OR PROTECT THE FINANCIAL
SOLVENCY OF THE PROJECT. THE TOTAL PRINCIPAL OF THE
BONDS GUARANTEED UNDER THIS AUTHORITY SHALL NOT EXCEED
$10,000,000.
THE LOCAL LAW IMPLEMENTING THIS AUTHORITY SHALL
PROVIDE PROCEDURES FOR REVIEW AND APPROVAL OF THE
ISSUANCE OF BONDS GUARANTEED BY THE COUNTY GOVERNMENT AND
SHALL INCLUDE THE FOLLOWING:
(1) THE COUNTY EXECUTIVE SHALL CONSIDER AND
COMMENT ON THE FEASIBILITY OF THE PROPOSED BOND GUARANTEE
AND EACH HOUSING PROJECT CONTEMPLATED THEREBY,
RECOMMENDING WHETHER THE PROPOSED BOND GUARANTEE SHOULD
BE APPROVED AND ANY TERMS AND CONDITIONS HE DEEMS
ADVISABLE FOR SUCH APPROVAL.
(2) 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, SPECIFYING SUCH
TERMS AND CONDITIONS AS IT SHALL DEEM ADVISABLE 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.
(3) THE APPROVAL OF THE BOND GUARANTEE BY
THE COUNTY COUNCIL SHALL BE SUBMITTED TO THE COUNTY
EXECUTIVE WITHIN THREE DAYS FOR CONCURRENCE. IF THE
COUNTY EXECUTIVE DOES NOT COMMUNICATE HIS DISAPPROVAL AND
REASONS THEREFOR TO THE COUNCIL WITHIN TEN 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 MEMBERS.
(4) THE APPROVAL OF THE BOND GUARANTEE MAY
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