HARRY HUGHES, Governor

1061

(D)  AN ORDINANCE OR RESOLUTION SHALL BE ADOPTED BY THE
COUNTY SPECIFYING THE PROPOSED RESIDENTIAL MORTGAGE PROGRAM,
THE AMOUNT OF BONDS TO BE ISSUED, THE RATE OR RATES OF
INTEREST THE BONDS ARE TO BEAR, OR THE METHOD OF DETERMINING
THE RATE OR RATES, AND OTHER PROVISIONS NOT INCONSISTENT
WITH THIS SECTION AS SHALL BE DETERMINED BY THE COUNTY TO BE
NECESSARY OR DESIRABLE TO EFFECT THE FINANCING OF THE
MORTGAGE LOANS.

(E) (1) IN THE ORDINANCE OR RESOLUTION AUTHORIZING THE
ISSUANCE OF BONDS, THE COUNTY SHALL MAKE FINDINGS AS TO THE
NEED FOR FINANCING PERMITTED UNDER THIS SECTION, THE TYPES
OF HOUSING AVAILABLE AND NEEDED IN THE COUNTY, AND OTHER
FACTORS AS THE COUNTY DEEMS APPROPRIATE TO ESTABLISH A
RESIDENTIAL MORTGAGE PROGRAM. IN ANY SUIT, ACTION, OR
PROCEEDING INVOLVING THE VALIDITY OR ENFORCEABILITY OF ANY
BOND ISSUED UNDER THIS SECTION OR THE SECURITY THEREFOR, ANY
FINDING BY THE COUNTY IN REGARD TO THE QUALIFICATION OF A
PERSON OR FAMILY TO PARTICIPATE IN THE PROGRAM, OR OTHER
FINDING WITH RESPECT TO THE PROGRAM, SHALL BE CONCLUSIVE. A
DOWN PAYMENT OF 10 PERCENT OF THE PURCHASE PRICE OF THE
DWELLING SHALL BE REQUIRED BY THE PROGRAM. AN INDIVIDUAL
MORTGAGE LOAN AUTHORIZED UNDER THIS PROGRAM MAY NOT EXCEED
$80,000.

(2)  THE BONDS MAY BE ISSUED TO BEAR INTEREST,
PAYABLE EITHER ANNUALLY, SEMIANNUALLY OR OTHERWISE, AND MAY
BE EXECUTED, ISSUED, AND DELIVERED AT ANY TIME OR FROM TIME
TO TIME, MAY BE IN A FORM AND DENOMINATION, OF A TENOR,
PAYABLE IN AMOUNTS AT TIMES NOT EXCEEDING 40 YEARS FROM THE
DATE OF ISSUE, AND AT A PLACE OR PLACES AS THE COUNTY
DETERMINES.

(3)  THE BONDS MAY BE SECURED BY A PLEDGE OF
MORTGAGES, OR NOTES SECURED BY DEEDS OF TRUST, ON ANY TYPE
OF INTEREST IN REAL OR OTHER PROPERTY, INCLUDING THE REAL
PROPERTY OR OTHER INTERESTS HELD BY STOCK COOPERATIVES AND
CONDOMINIUMS AND THEIR UNIT OWNERS, SERVICING AGREEMENTS,
CONDEMNATION PROCEEDS, PROCEEDS OF PRIVATE MORTGAGE
INSURANCE PROCEEDS, CASUALTY AND SPECIAL HAZARD INSURANCE
PROCEEDS AND ANY OTHER SECURITY DEEMED APPROPRIATE BY THE
COUNTY.

(4)  THE BONDS MAY PROVIDE THAT THEY OR ANY OF
THEM MAY BE CALLED FOR REDEMPTION, AT THE OPTION OF THE
COUNTY, PRIOR TO MATURITY AT A PRICE OR PRICES AND UNDER THE
TERMS AND CONDITIONS AS MAY BE FIXED BY THE COUNTY BEFORE
ISSUING THE BONDS

(5)  THE PRINCIPAL AMOUNT OF THE BONDS, THE
INTEREST PAYABLE ON THEM, THEIR TRANSFER, AND ANY INCOME

DERIVED FROM THE BONDS, INCLUDING ANY PROFIT MADE IN THE
SALE OR TRANSFER SHALL BE AND REMAIN EXEMPT FROM TAXATION
BY THE STATE OF MARYLAND AND BY THE SEVERAL COUNTIES AND
MUNICIPALITIES OF THIS STATE.