Section 16-202 - Terms and conditions of bond guarantees. - Maryland Statutes

§ 16-202. Terms and conditions of bond guarantees.
 

(a)  In general.-  

(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 are issued to protect the financial solvency of the housing project. 

(b)  Maximum limit of principal.- The total principal of the bonds guaranteed under this subtitle may not exceed $50,000,000. 
 

[An. Code 1957, art. 44A, § 2-103(a)(1); 2006, ch. 63, § 2.]