Section 16-201 – Bonds Issued by Montgomery Commission
(a) Montgomery County may provide by local law for the county’s guarantee of the principal and interest on bonds that the Montgomery Commission issues: (1) 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 (2) to finance wholly or partly: (i) mortgage […]
Section 16-202 – Terms and Conditions of Bond Guarantees
(a) (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 […]
Section 16-203 – Bonds Subject to County Charter; Exceptions
(a) 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) The bonds may be structured with: (1) substantially level debt service payments; and (2) interest-only payments during the projected period for construction or rehabilitation of the housing project […]
Section 16-204 – Montgomery Commission to Provide Information to County Executive
(a) (1) On determining to issue bonds, the Montgomery Commission shall provide to the County Executive information about the bonds and the housing projects benefiting from the bond proceeds. (2) The information shall include: (i) the terms and conditions of the bonds; (ii) an estimate of the bond interest rate and the basis for the estimate; (iii) the estimated timing and […]
Section 16-205 – Guarantee Procedures
(a) The local law implementing this subtitle shall provide procedures for review and approval of the issuance of bonds guaranteed by the county government. (b) (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 […]
Section 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 […]
Section 16-207 – County Executive to Concur in or Disapprove Bond Guarantee
(a) (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 […]
Section 16-208 – Allocation of Part of Guarantee
(a) On request of the Montgomery Commission, the county may allocate by local law a part of the total guarantee authorized by this subtitle in an amount that the local law determines. (b) (1) Without further approval by the County Council, the County Executive may approve by executive order the use of all or part of the allocation […]
Section 16-209 – Independent and County-Sponsored Audits
(a) (1) The Montgomery Commission shall provide annually to the county government an audit of each housing project financed by bonds guaranteed by the county. (2) The audit shall be done by: (i) an independent certified public accountant licensed by the State; or (ii) a firm of independent certified public accountants licensed by the State. (3) The accountant or firm of […]
Section 16-210 – Validity and Enforceability of Bonds
A bond stating in substance that it has been issued by the Montgomery Commission to help finance a housing project for persons of eligible income shall be considered to have been issued for that purpose in a proceeding in which the validity or enforceability of the bond or the security for the bond is in […]