(a) Under the authority of Title 16 of the Housing and Community Development Article of the Maryland Code, Montgomery County, may, at any time and from time to time, guarantee, upon its full faith and credit, revenue bonds of the housing opportunities commission in a total amount not exceeding $50,000,000 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 to fund related reserves and costs approved under Title 16 of the Housing and Community Development Article of the Maryland Code and this Chapter.
(b) Each mortgage loan so financed in part must be insured in part by the Federal Housing Administration, the Maryland Housing Fund, or a private mortgage insurer which is approved by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and is authorized to do business in Maryland, or by any combination of such insurers.
(c) The Housing Opportunities Commission must comply with any terms and conditions imposed by the County in providing the guarantee of any bonds. If guaranteed revenue bonds will finance the total cost of such housing or the total amount of the mortgage loans for such housing, the Commission must also comply with any requirements imposed by the County after the bonds are issued to assure or protect the financial solvency of the project.
(d) The issuance of such bonds must be subject to review and approval by the County as hereinafter provided. (1978 L.M.C., ch. 36, § 2; 1983 L.M.C., ch. 32, § 1; 1988 L.M.C., ch. 28, § 1; , § 1; , § 1.)
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