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 Montgomery County
 Code
 Part II. Local Laws, Ordinances, Resolutions, Etc.
 Chapter 20. Finance. [Note]
 Article VI. Bond Guarantee Program.

  § 20-36A. Allocation of guarantee to finance mortgage loans and to fund related reserves and costs.

Latest version.
  • Montgomery County, Maryland, allocates up to ten million dollars ($10,000,000.00) of the total amount of the guarantee authorized by article 44A, Annotated Code of Maryland to guarantee bonds of the Housing Opportunities Commission of Montgomery County, the proceeds of which bonds shall be used to finance in whole or in part mortgage loans secured by housing and to fund related reserves and costs. Mortgage loans 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 which private mortgage insurer is authorized to do business in the State of Maryland, or by any combination of such insurers.
    The housing opportunities commission shall not issue bonds which are guaranteed by the amount so allocated unless and until (1) the housing opportunities commission has submitted to the county executive and the county council the information required by section 20-33 of this chapter, except to the extent the receipt of any such information has been deferred by the county executive pursuant to section 20-33; and (2) the county executive has approved by executive order the use of all or a portion of the allocation as a guarantee of bonds issued for the purposes stated in this section; and (3) the county council has approved the use of all or a portion of the allocation as a guarantee of bonds, or has taken no action in connection with the use of such allocation within ten (10) calendar days after receipt of notice of approval by the county executive by executive order. The county council within the ten (10) calendar days may extend the time for its action by resolution. In the event that the county executive approves by executive order and the county council approves or takes no action with respect to the use of all or a portion of the allocation as a bond guarantee, no public hearing or further approval with respect to the bond guarantee shall be required. (1983 L.M.C., ch. 32 § 1.)