On request of the Montgomery Commission, the county may allocate by local law a part of the total guarantee authorized by this subtitle in an amount that the local law determines. Without further approval by the County Council, the County Executive may approve by executive order the use of all or part of the allocation authorized under subsection (a) of this section as a bond guarantee. The Montgomery Commission may then issue bonds guaranteed by as much of the allocation as the County Executive has approved as a bond guarantee, and the proceeds of the bonds shall be used to: finance wholly or partly mortgage loans secured by housing; and fund related reserves and costs approved under this subtitle.