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ROBERT L. EHRLICH, JR., Governor
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Ch. 63
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The Housing and Community Development Article Review Committee
notes, for consideration by the General Assembly, subsection (b) of this
section states expressly what was only implied in the former law — that
the insurance requirements under this subsection apply only to that part
of a mortgage loan that is financed by bonds not guaranteed by
Montgomery County.
Defined terms: "Bond" § 12-101
"Montgomery Commission" § 16-101
16-202. TERMS AND CONDITIONS OF BOND GUARANTEES.
(A) IN GENERAL.
(1) THE MONTGOMERY COMMISSION SHALL MEET THE TERMS AND
CONDITIONS THAT THE COUNTY GOVERNMENT IMPOSES IN GUARANTEEING BONDS
ISSUED UNDER THIS SUBTITLE AND § 12-702 OF THIS ARTICLE.
(2) IF GUARANTEED REVENUE BONDS ARE TO FINANCE THE TOTAL
COST OF THE HOUSING, THE MONTGOMERY COMMISSION SHALL MEET ANY
REQUIREMENTS THAT THE COUNTY GOVERNMENT IMPOSES AFTER THE BONDS ARE
ISSUED TO PROTECT THE FINANCIAL SOLVENCY OF THE HOUSING PROJECT.
(B) MAXIMUM LIMIT OF PRINCIPAL.
THE TOTAL PRINCIPAL OF THE BONDS GUARANTEED UNDER THIS SUBTITLE
MAY NOT EXCEED $50,000,000.
REVISOR'S NOTE: This section is new language derived without substantive
change from the third through fifth sentences of former Art. 44A, §
2-103(a)(l).
In subsection (a)(2) of this section, the former reference to "assure" the
financial solvency of a housing project is deleted as included in the
reference to "protect" the financial solvency of a project.
In subsection (b) of this section, the reference to this "subtitle" is
substituted for the former reference to this "authority" for clarity.
Defined terms: "Bond" § 12-101
"Housing project" § 16-101
"Montgomery Commission" § 16-101
16-203. BONDS SUBJECT TO COUNTY CHARTER; EXCEPTIONS.
(A) IN GENERAL.
EXCEPT AS PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS SECTION, THE
BONDS AUTHORIZED TO BE GUARANTEED UNDER THIS SUBTITLE ARE SUBJECT TO §
312 OF THE COUNTY CHARTER
(B) LEVEL DEBT SERVICE PAYMENTS AND INTEREST-ONLY PAYMENTS
ALLOWED.
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- 505 -
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