Ch. 11

LAWS OF MARYLAND

The stylistic error was noted by the Michie Company.

15.                                                                                     

(c) (1) Notwithstanding any other provision of this
section, Montgomery County may provide by local law for the
guarantee by Montgomery County of the principal and interest on
bonds issued by the Housing Opportunities Commission of
Montgomery County to finance the acquisition, provision,
development, or rehabilitation of housing at rental rates and
prices not being offered in adequate quantity by the private
sector, or to finance in whole or in part mortgage loans secured
by such housing and fund-related reserves and costs approved
under the provisions of this section. Mortgage loans so financed
in part must be insured in part by the Federal Housing
Administration, the Maryland Housing Fund, a Federal National
Mortgage Association approved, or Federal Home Loan Mortgage
Corporation, approved private mortgage insurer which is
authorized to do business in the State of Maryland, or by any
combination of such insurers. The Housing Opportunities
Commission shall adhere to the terms and conditions imposed by
the county government in providing the guarantee on any bonds
issued pursuant to this section. Where such guaranteed revenue
bonds will finance the total cost of such housing, the Housing
Opportunities Commission shall also adhere to any requirements
imposed by the county government after the issuance of the bonds
to assure or protect the financial solvency of the project. The
total principal of the bonds guaranteed under this authority may
not exceed $25,000,000. The bonds authorized to be guaranteed by
this section are subject to the provisions of Section 312 of the
Montgomery County Charter, except as follows: (i) the guaranteed
bonds may be structured with substantially level debt service
payments, and with interest only payments during the projected
period for construction or rehabilitation of the housing project
financed with bonds issued pursuant to this section; (ii) the
guaranteed bonds shall be issued on a serial maturity plan,
provided that if required for market acceptance and approved by
the county government in the manner specified by the County
Council resolution adopted pursuant to the approval process set
forth in paragraph (3)(ii) of this [section] SUBSECTION, a
portion of each issue may be sold as term bonds structured with
mandatory sinking fund payments.

DRAFTER'S NOTE: This corrects a stylistic error in an
internal reference in Article 44A, § 15(c)(1).

The stylistic error occurred in Ch. 654 of the Acts of
1984.

The stylistic error was noted by the. Michie Company.

23.

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