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ROBERT L. EHRLICH, JR., Governor
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Ch. 63
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In subsection (b)(1)(i) of this section, the former requirement that the
County Executive "consider" the feasibility of the proposed bond guarantee
is deleted as included in the requirement that the County Executive
"comment on" the feasibility of the guarantee.
In subsection (b)(1)(ii) of this section, the former reference to terms and
conditions "advisable" for the approval is deleted as surplusage.
Defined terms: "Bond" § 12-101
"Housing project" § 16-101
"Montgomery Commission" § 16-101
16-206. COUNTY COUNCIL TO APPROVE, MODIFY, OR DISAPPROVE BOND
GUARANTEES.
(1) AFTER CONSIDERING THE RECOMMENDATIONS OF THE COUNTY
EXECUTIVE AND HOLDING A PUBLIC HEARING, THE COUNTY COUNCIL SHALL
APPROVE, APPROVE WITH MODIFICATIONS, OR DISAPPROVE THE PROPOSED BOND
GUARANTEE.
(2) THE COUNTY COUNCIL SHALL STATE THE TERMS AND CONDITIONS
OF AN APPROVED BOND GUARANTEE, INCLUDING:
(I) THE MAXIMUM INTEREST PAYABLE;
(II) THE TERMS OF THE BOND ISSUE;
(III) THE PURPOSES FOR WHICH THE BOND PROCEEDS MAY BE
EXPENDED; AND
(IV) THE METHOD OF CONTROLLING THE EXPENDITURES OF THE
BOND PROCEEDS AND THE REVENUES AND EXPENDITURES FOR HOUSING PROJECTS
FINANCED BY THE BOND PROCEEDS.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 44A, § 2-103(a)(3)(ii).
In paragraph (2)(iii) and (iv) of this section, the references to "proceeds" are
substituted for the former references to "funds" for clarity.
Defined term: "Bond" § 12-101
16-207. COUNTY EXECUTIVE TO CONCUR IN OR DISAPPROVE BOND GUARANTEE.
(A) IN GENERAL.
(1) AN APPROVAL OF A BOND GUARANTEE BY THE COUNTY COUNCIL
SHALL BE SUBMITTED TO THE COUNTY EXECUTIVE WITHIN 3 DAYS FOR
CONCURRENCE OR DISAPPROVAL.
(2) IF THE COUNTY EXECUTIVE DOES NOT COMMUNICATE
DISAPPROVAL AND REASONS FOR THE DISAPPROVAL TO THE COUNTY COUNCIL
WITHIN 10 DAYS AFTER RECEIPT OF AN APPROVAL OF A BOND GUARANTEE FROM
THE COUNCIL, THE COUNCIL'S APPROVAL SHALL STAND.
- 509 -
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