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ROBERT L. EHRLICH, JR., Governor
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Ch. 63
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(VII) SEPARATE SCHEDULES THAT SHOW HOW, AFTER ALLOWANCE
FOR VACANCIES, REVENUES ARE EXPECTED TO COVER:
1. OPERATING COSTS;
2. DEBT SERVICE AND CAPITAL COSTS; AND
3. RESERVES FOR DEPRECIATION AND MAJOR
MAINTENANCE;
(VIII) SEPARATE SCHEDULES THAT:
1. SHOW THE COST, BENEFIT, AND EFFECT ON RENT
SCHEDULES OF ADDED SAFEGUARDS TO ENSURE SOLVENCY OF THE HOUSING
PROJECT;
2. ADDRESS DEVICES SUCH AS MORTGAGE INSURANCE AND
DEBT SERVICE RESERVES; AND
3. STATE THE RECOMMENDATION OF THE MONTGOMERY
COMMISSION ON USE OF THOSE DEVICES;
(IX) A DESCRIPTION OF THE TERMS AND CONDITIONS FOR
CONSTRUCTION OF THE HOUSING PROJECT, INCLUDING ANY SAFEGUARDS AGAINST
CONSTRUCTION DEFAULT AND THE CONDITIONS UNDER WHICH CONSTRUCTION
FINANCING IS TO BE PROVIDED BY THE MONTGOMERY COMMISSION; AND
(X) A DESCRIPTION OF THE ACCOUNTING SYSTEM FOR RECORDING
AND CONTROLLING EXPENDITURES OF BOND FUNDS, DEBT SERVICE, OPERATING
COSTS, RESERVES, AND REVENUES.
(B) ACCOUNTING.
EACH HOUSING PROJECT SHALL BE ESTABLISHED AS AN INDEPENDENT
ACCOUNTING ENTITY FOR REVENUES, EXPENDITURES, DEBT SERVICE, AND
RESERVES.
REVISOR'S NOTE: This section is new language that, in part, is added for
clarity and, in part, is derived without substantive change from former Art.
44A, § 2-103(a)(2).
In subsection (a)(1) of this section, the former reference to "under this
authority" is deleted as surplusage.
In subsection (a)(2) of this section, the former phrase "but not limited to" is
deleted in light of Art. 1, § 30, which provides that the word "including"
means "by way of illustration" and not "by way of limitation".
In subsection (a)(2)(iv) of this section, the reference to "make it ready" is
substituted for the former reference to "bring it to the point of readiness"
for brevity.
In subsection (a)(2)(viii)1 of this section, the reference to "housing project"
is substituted for the former reference to "it" for clarity.
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- 507 -
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