HARRY HUGHES, Governor                                       1709

THE FUNDS FROM THE SALE OF SUCH BONDS, INCLUDING, BUT NOT
LIMITED TO, THE FOLLOWING:

(I)   TERMS AND CONDITIONS OF THE BONDS;

(II)   ESTIMATED BOND INTEREST RATE, AND THE
BASIS FOR THE ESTIMATE:

(III)   ESTIMATED TIMING AND OTHER

PROVISIONS CONCERNING THE ADVERTISING AND SALE OF THE BONDS:

(IV)   DESCRIPTION OF THE PROPOSED PROJECT
WITH DETAILED ESTIMATES OF CONSTRUCTION AND RELATED COSTS TO
BRING IT TO THE POINT OF READINESS TO RENT OR SELL;

(V)   DETAILED ESTIMATES OF OPERATING COST
AND DEBT SERVICE;

(VI)   SCHEDULES OF RESERVES FOR

DEPRECIATION AND MAJOR MAINTENANCE;

(VII)   RENT SCHEDULE SHOWING HOW, AFTER
ALLOWANCE FOR VACANCIES, THE REVENUES ARE EXPECTED TO COVER
OPERATING COST. DEBT SERVICE AND CAPITAL COST, AND RESERVES
FOR DEPRECIATION AND MAJOR MAINTENANCE;

(VIII)   SEPARATE SCHEDULE SHOWING THE COST,
BENEFIT, AND EFFECT ON RENT SCHEDULES OF ADDITIONAL
SAFEGUARDS TO ASSURE SOLVENCY OF THE PROJECT. THESE
SCHEDULES WOULD ADDRESS SUCH DEVICES AS MORTGAGE INSURANCE
AND DEBT SERVICE RESERVES. AND WOULD REFLECT THE HOUSING
OPPORTUNITIES COMMISSION'S RECOMMENDATION FOR IT OR USE OF
THE DEVICES;

(IX)   DESCRIPTION OF THE TERMS AND
CONDITIONS FOR CONSTRUCTION OF THE PROJECT, INCLUDING ANY
SAFEGUARDS AGAINST CONSTRUCTION DEFAULT AND THE CONDITIONS
UNDER WHICH CONSTRUCTION FINANCING IS TO BE PROVIDED BY THE
HOUSING OPPORTUNITIES COMMISSION; AND

(X)   DESCRIPTION OF THE ACCOUNTING SYSTEM
FOR RECORDING AND CONTROLLING EXPENDITURES OF BOND FUNDS,
DEBT SERVICE, OPERATING COST, RESERVES AND REVENUES. EACH
PROJECT SHALL BE ESTABLISHED AS AN INDEPENDENT ACCOUNTING
ENTITY WITH RESPECT TO REVENUES, EXPENDITURES, DEBT SERVICE,
RESERVES, ETC.

(2) (3) 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], INCLUDING the following:

[(1) (I) The county executive shall consider and
comment on the feasibility of the proposed bond guarantee
and each housing project contemplated thereby, recommending

BY THE PROPOSED BOND GUARANTEE, AND__RECOMMEND whether the

proposed bond guarantee should be approved and any terms and