1018

LAWS OF MARYLAND

Ch. 231

neither the city nor the State or any political subdivision
thereof shall be liable thereon, nor in any event shall such
bonds or obligations be payable out of any funds or
properties other than those of said authority. The bonds
shall not constitute an indebtedness within the meaning of
any constitutional or statutory debt limitation or
restriction. Bonds of an authority are declared to be issued
for an essential public and governmental purpose and,
together with interest thereon and income therefrom, shall
be exempt from taxes.

(c) (1) Notwithstanding any other provision of this
section, Montgomery County may provide by local law for the
guarantee by Montgomery County of the principal and interest
on bonds issued by the housing opportunities commission of
Montgomery County to finance the ACQUISITION, provision,
development, or rehabilitation of housing at rental rates
and prices not being offered in adequate quantity by the
private sector, OR TO FINANCE IN WHOLE OR IN PART MORTGAGE
LOANS SECURED BY SUCH HOUSING AND FUND RELATED RESERVES AND
COSTS APPROVED UNDER THE PROVISIONS OF THIS SECTION.
MORTGAGE LOANS SO FINANCED MUST BE INSURED IN PART BY THE
FEDERAL HOUSING ADMINISTRATION, THE MARYLAND HOUSING FUND,
A FEDERAL NATIONAL MORTGAGE ASSOCIATION, OR FEDERAL HOME
LOAN MORTGAGE CORPORATION, APPROVED PRIVATE MORTGAGE INSURER
WHICH IS AUTHORIZED TO DO BUSINESS IN THE STATE OF MARYLAND,
OR BY ANY COMBINATION OF SUCH INSURERS. The housing
opportunities commission shall adhere to the terms and
conditions imposed by the county government in providing
[this] THE guarantee, [including any requirements] OR ANY
BONDS PURSUANT TO THIS SECTION. WHERE SUCH GUARANTEED
REVENUE BONDS WILL FINANCE THE TOTAL COST OF SUCH HOUSING,
THE HOUSING OPPORTUNITIES COMMISSION SHALL ALSO ADHERE TO
ANY REQUIREMENTS imposed after the issuance of the bonds to
assure or protect the financial solvency of the project.
The total principal of the bonds guaranteed under this
authority may not exceed $25,000,000.

(2) Upon determination by the housing
opportunities commission to issue bonds under this
authority, the housing opportunities commission shall
provide the county executive 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:

(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;