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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RESCINDED BY THE COUNCIL AT ANY TIME UP TO THE ADVERTISEMENT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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