HARRY HUGHES, Governor

1017

MC 258-80

FOR the purpose of authorizing the Housing Opportunities
Commission of Montgomery County to issue bonds
guaranteed by Montgomery County to finance in whole or
in part mortgage loans insured in part by certain
governmental or government approved insurers;
authorizing the funding of related reserves and costs;
limiting the imposition of certain requirements by the
County after the issuance of guaranteed bonds;
providing for waiver of a feasibility study or studies
in certain circumstances; authorizing the allocation by
local law of a portion of the County bond guarantee for
certain purposes; relating generally to the County's
guarantee of bonds of the Housing Opportunities
Commission; and making technical changes.

BY repealing and reenacting, with amendments,

Article 44A - Housing Authorities

Section 15

Annotated Code of Maryland

(1971 Replacement Volume and 1979 Supplement)

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be repealed, amended, or enacted to read as follows:

Article 44A - Housing Authorities

15.

(a)  An authority shall have power to issue bonds from
time to time in its discretion, for any of its corporate
purposes. An authority shall also have power to issue
refunding bonds for the purpose of paying or retiring bonds
previously issued by it. An authority may issue such types
of bonds as it may determine, including bonds on which the
principal and interest are payable: [(a)] (1) exclusively
from the income and revenues of the housing project financed
with the proceeds of such bonds, or with such proceeds
together with a grant from the federal government in aid of
such project; [(b)] (2) exclusively from the income and
revenues of certain designated housing projects whether or
not they were financed in whole or in part with the proceeds
of such bonds; or [(c)] (3) from its revenues generally. Any
of such bonds may be additionally secured by pledge of any
revenues or a mortgage of any housing project, projects or
other property of the authority.

(b)  Neither the commissioners of an authority nor any
person executing the bonds shall be liable personally on the
bonds by reason of the issuance thereof. The bonds and other
obligations of an authority, (and such bonds and obligations
shall so state on their face), shall not be a debt of the
city, the State or any political subdivision thereof and