1710

LAWS OF MARYLAND

Ch. 614

conditions he deems advisable for THE such 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 FURNISHED BY THE HOUSING
OPPORTUNITIES COMMISSION. THIS INDEPENDENT FEASIBILITY
STUDY WILL NOT BE REQUIRED IN THE CASE OF PROJECTS FINANCED,
INSURED, OR ASSISTED BY THE STATE OR FEDERAL GOVERNMENT.

(2) (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, specifying such AND
SPECIFY THE 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) (III) The approval of the bond guarantee by the
County Council shall be submitted to the county executive
within three 3 days for concurrence. If the county
executive does not communicate his disapproval and reasons
therefor FOR THE DISAPPROVAL to the Council within ten 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 members.

(4) (IV) The approval of the bond guarantee may be
rescinded by the Council at any time up to the advertisement
of the bonds.]

(I) UPON DETERMINATION BY THE HOUSING

OPPORTUNITIES COMMISSION OF MONTGOMERY COUNTY TO ISSUE BONDS

UNDER THIS AUTHORITY, THE HOUSING OPPORTUNITIES COMMISSION

SHALL PROVIDE THE COUNTY EXECUTIVE OF MONTGOMERY COUNTY WITH
INFORMATION CONCERNING THE PROPOSED BONDS AND THE HOUSING

PROJECTS TO BE BENEFITED BY THE FUNDS FROM THE SALE OF SUCH

BONDS, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING:

1. TERMS

AND

CONDITIONS OF THE

BONDS;

2. ESTIMATED BOND INTEREST RATE, AND

THE BASIS FOR THE ESTIMATE;

3. ESTIMATED

TIMING

AND

OTHER

4. 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}

5. DETAILED ESTIMATES OF OPERATING

COST AND DEBT SERVICE;

PROVISIONS CONCERNING THE ADVERTISING AND SALE OF THE BONDS;