1708

LAWS OF MARYLAND

Ch. 614

(House Bill 1185)

AN ACT concerning

Montgomery County — Housing Opportunities

Commission Bond Guarantee Limit

MC 269-79

FOR the purpose of increasing the bond limit of the housing
opportunities commission of Montgomery County for bonds
guaranteed by Montgomery County; providing for certain
procedures for increasing the bond limit; and
clarifying language.

BY repealing and reenacting, with amendments,

Article 44A — Housing Authorities

Section 15 (c)

Annotated Code of Maryland

(1971 Replacement Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That sect ion(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 44A - Housing Authorities

15.

(c) (1) Notwithstanding any other provision of this
section, Montgomery County may [by local lav} provide BY
LOCAL LAW 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] THIS guarantee,
including any requirements imposed [subsequent to] AFTER the
issuance of the bonds fin order] to assure or protect the
financial solvency of the project. The total principal of
the bonds guaranteed under this authority [shall] MAY not

exceed [$10,000,000] $25,000,000. THE TOTAL PRINCIPAL OF

THE BONDS GUARANTEED UNDER THIS AUTHORITY TOGETHER WITH THE

OUTSTANDING TAX SUPPORTED BONDED DEBT OF THE COUNTY

GOVERNMENT MAY NOT EXCEED 3.5 PERCENT OF THE MARKET VALUE OF

THE COUNTY'S ASSESSABLE BASE AS DETERMINED BY THE STATE

DEPARTMENT OF ASSESSMENTS AND TAXATION.

(2) UPON DETERMINATION BY THE HOUSING

OPPORTUNITIES___COMMISSION TO ISSUE BONDS UNDER THIS

AUTHORITY, THE HOUSING OPPORTUNITIES COMMISSION SHALL
PROVIDE THE COUNTY EXECUTIVE WITH INFORMATION CONCERNING THE
PROPOSED BONDS AND THE HOUSING PROJECTS TO BE BENEFITED BY