§ 20-36. Bond guarantee endorsement; County guarantee and levy of ad valorem taxes.

(a) Each bond issued under this Chapter must be endorsed by the guarantee of the County in the following language: “The payment of interest when due and the principal at maturity is guaranteed by Montgomery County, Maryland. The full faith and credit and unlimited taxing power of Montgomery County is hereby pledged to the performance of this guarantee.”

(b) This guarantee must be executed in the name of the County and on its behalf on each bond by the signatures of the Director of Finance and the Clerk of the County Council, which signatures may be in facsimile.

(c) Each bond, so endorsed, is an unconditional general obligation of the County. The County hereby covenants and agrees that, if all funds available to the Housing Opportunities Commission to pay the principal of and interest on outstanding bonds authorized under this Chapter are insufficient for any reason to meet principal and interest payments, in each fiscal year when any such bond is outstanding, the County will levy or cause to be levied ad valorem taxes on all the assessable property in the County at a rate and amount sufficient to provide for the payment, when due, of the principal of and interest on all such bonds maturing in that fiscal year, and if the proceeds from such taxes prove inadequate, the County will levy additional taxes in the next fiscal year to make up any deficiency. (1978 L.M.C., ch. 36, § 2; 1983 L.M.C., ch. 32, § 1; , § 1.)