1. (a)

   1. (1) The Montgomery Commission shall provide annually to the county government an audit of each housing project financed by bonds guaranteed by the county.

   2. (2) The audit shall be done by:

      1. (i) an independent certified public accountant licensed by the State; or
      2. (ii) a firm of independent certified public accountants licensed by the State.
   3. (3) The accountant or firm of accountants shall provide appropriate certified financial statements and a management letter on the financial soundness of the housing project.
2. (b) The county government may undertake financial and compliance audits on housing projects financed by bonds guaranteed under this subtitle.

Added by Acts 2006, c. 63, § 2, eff. Oct. 1, 2006.