After considering the recommendations of the County Executive and holding a public hearing, the County Council shall approve, approve with modifications, or disapprove the proposed bond guarantee. The County Council shall state the terms and conditions of an approved bond guarantee, including: the maximum interest payable; the terms of the bond issue; the purposes for which the bond proceeds may be expended; and the method of controlling the expenditures of the bond proceeds and the revenues and expenditures for housing projects financed by the bond proceeds.