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Statutes Text

Article - Housing and Community Development


    (a)    (1)    On determining to issue bonds, the Montgomery Commission shall provide to the County Executive information about the bonds and the housing projects benefitting 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 other provisions about the advertising and sale of the bonds;

            (iv)    a description of the proposed housing project, with detailed estimates of construction and related costs to make it ready to rent or sell;

            (v)    detailed estimates of operating costs and debt service;

            (vi)    schedules of reserves for depreciation and major maintenance;

            (vii)    separate schedules that show how, after allowance for vacancies, revenues are expected to cover:

                1.    operating costs;

                2.    debt service and capital costs; and

                3.    reserves for depreciation and major maintenance;

            (viii)    separate schedules that:

                1.    show the cost, benefit, and effect on rent schedules of added safeguards to ensure solvency of the housing project;

                2.    address devices such as mortgage insurance and debt service reserves; and

                3.    state the recommendation of the Montgomery Commission on use of those devices;

            (ix)    a description of the terms and conditions for construction of the housing project, including any safeguards against construction default and the conditions under which construction financing is to be provided by the Montgomery Commission; and

            (x)    a description of the accounting system for recording and controlling expenditures of bond funds, debt service, operating costs, reserves, and revenues.

    (b)    Each housing project shall be established as an independent accounting entity for revenues, expenditures, debt service, and reserves.