<?xml version='1.0' encoding='utf-8'?>
<section article="ghs" article_name="Housing and Community Development" number="16-207" title_number="16" title_name="Montgomery County" subtitle_number="2" subtitle_name="Bonds">
  <level label="a">
    <level label="1">
      <text>An approval of a bond guarantee by the County Council shall be submitted to the County Executive within 3 days for concurrence or disapproval.</text>
    </level>
    <level label="2">
      <text>If the County Executive does not communicate disapproval and reasons for the disapproval to the County Council within 10 days after receipt of an approval of a bond guarantee from the Council, the Council’s approval shall stand.</text>
    </level>
  </level>
  <level label="b">
    <text>The County Council may override a disapproval of a bond guarantee by a vote of at least six members.</text>
  </level>
  <level label="c">
    <text>The County Council may rescind an approval of a bond guarantee by resolution adopted:</text>
    <level label="1">
      <text>before the advertisement of the bonds; or</text>
    </level>
    <level label="2">
      <text>if the sale is to be private, before the earlier of:</text>
      <level label="i">
        <text>the sale of the bonds; and</text>
      </level>
      <level label="ii">
        <text>the distribution of a related offering circular.</text>
      </level>
    </level>
  </level>
</section>
