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Session Laws, 1979
Volume 737, Page 1712   View pdf image
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1712

LAWS OF MARYLAND

Ch. 614

(4) THE RESOLUTION OF THE COUNTY COUNCIL

APPROVING A BOND GUARANTEE SHALL BE SUBMITTED TO THE COUNTY

EXECUTIVE WITHIN 3 DAYS AFTER ADOPTION FOR HIS----CONCURRENCE.

IF THE COUNTY EXECUTIVE DOES NOT COMMUNICATE HIS DISAPPROVAL
AND REASONING TO THE COUNTY COUNCIL WITHIN 10 DAYS AFTER

RECEIPT OF THE RESOLUTION, THE COUNCIL'S APPROVAL SHALL

STAND. IF THE COUNTY EXECUTIVE DISAPPROVES THE RESOLUTION

OF THE COUNTY COUNCIL, THE COUNTY COUNCIL MAY-----OVERRIDE THE

MEMBERS.

    

            (5) THE HOUSING OPPORTUNITIES COMMISSION SHALL

PROVIDE TO THE MONTGOMERY COUNTY GOVERNMENT ANNUAL AUDITS

PERFORMED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

LICENSED IN THE STATE OF MARYLAND, ON PROJECTS FINANCED BY

BONDS GUARANTEED BY MONTGOMERY COUNTY. IN ADDITION TO

PROVIDING APPROPRIATE CERTIFIED FINANCIAL STATEMENTS, THE

INDEPENDENT AUDITOR SHALL PROVIDE A MANAGEMENT LETTER ON THE

FINANCIAL SOUNDNESS OF THE PROJECTS. NOTWITHSTANDING THE

FOREGOING INDEPENDENT AUDITS, FINANCIAL AND COMPLIANCE

AUDITS ON PROJECTS FINANCED BY BONDS GUARANTEED BY

MONTGOMERY COUNTY MAY BE UNDERTAKEN BY THE COUNTY GOVERNMENT

AS NECESSARY.

(6) THE APPROVAL OF THE BOND GUARANTEE MAY BE

RESCINDED BY THE COUNCIL AT ANY TIME UP TO THE ADVERTISEMENT

OF THE BONDS.

(4) THE HOUSING OPPORTUNITIES COMMISSION SHALL
PROVIDE TO THE MONTGOMERY COUNTY GOVERNMENT ANNUAL AUDITS
PERFORMED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
LICENSED IN THE STATE OF MARYLAND, ON PROJECTS FINANCED BY
BONDS GUARANTEED BY MONTGOMERY COUNTY. IN ADDITION, TO
PROVIDING APPROPRIATE CERTIFIED FINANCIAL STATEMENTS. THE
INDEPENDENT AUDITOR SHALL PROVIDE A MANAGEMENT LETTER ON THE
FINANCIAL SOUNDNESS OF THE PROJECTS. NOTWITHSTANDING THE

FOREGOING___INDEPENDENT AUDITS, FINANCIAL AND COMPLIANCE

AUDITS ON PROJECTS FINANCED BY BONDS GUARANTEED___BY

MONTGOMERY COUNTY MAY BE UNDERTAKEN BY THE COUNTY GOVERNMENT

AS NECESSARY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.

CHAPTER 615
(House Bill 1196)
AN ACT concerning

 

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Session Laws, 1979
Volume 737, Page 1712   View pdf image
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