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2006 LAWS OF MARYLAND
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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, that in subsection
(a)(viii)2, the Montgomery Commission is required to provide schedules
that address devices such as mortgage insurance and debt service reserves,
and in (viii)3, the Montgomery Commission is required to state its
recommendation "on" use of those devices. The reference to "on" use of the
devices is substituted for the apparently erroneous former reference to "or"
use of the devices.
Defined terms: "Bond" § 12-101
"Housing project" § 16-101
"Montgomery Commission" § 16-101
16-205. GUARANTEE PROCEDURES.
(A) LOCAL LAW TO PROVIDE REVIEW AND APPROVAL PROCEDURES.
THE LOCAL LAW IMPLEMENTING THIS SUBTITLE SHALL PROVIDE PROCEDURES
FOR REVIEW AND APPROVAL OF THE ISSUANCE OF BONDS GUARANTEED BY THE
COUNTY GOVERNMENT.
(B) RECOMMENDATION BY COUNTY EXECUTIVE.
(1) THE PROCEDURES SHALL INCLUDE REQUIREMENTS FOR THE
COUNTY EXECUTIVE TO:
(I) COMMENT ON THE FEASIBILITY OF THE PROPOSED BOND
GUARANTEE AND EACH HOUSING PROJECT CONTEMPLATED BY THE PROPOSED
BOND GUARANTEE; AND
(II) RECOMMEND WHETHER THE PROPOSED BOND GUARANTEE
SHOULD BE APPROVED AND ANY TERMS AND CONDITIONS FOR APPROVAL.
(2) IF THE COUNTY EXECUTIVE RECOMMENDS APPROVAL, THE
RECOMMENDATION SHALL INCLUDE A STATEMENT THAT THE PROPOSED HOUSING
PROJECT IS FULLY SELF-SUPPORTING.
(3) (I) EXCEPT AS PROVIDED IN SUBPARAGRAPH (II) OF THIS
PARAGRAPH, A RECOMMENDATION BY THE COUNTY EXECUTIVE TO APPROVE THE
PROPOSED BOND GUARANTEE SHALL BE SUPPORTED BY AN ACCEPTABLE
INDEPENDENT FEASIBILITY STUDY OR STUDIES THAT THE MONTGOMERY
COMMISSION SUBMITS.
(H) THE COUNTY EXECUTIVE MAY WAIVE THE FEASIBILITY STUDY
REQUIREMENT FOR A HOUSING PROJECT FINANCED, INSURED, OR ASSISTED BY THE
STATE OR THE FEDERAL GOVERNMENT.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 44A, § 2-103(a)(3)(i).
In subsection (b)(1) 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".
- 508 -
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