Ch. 111

1997 LAWS OF MARYLAND

(2) AN ASSURANCE TO A BENEFICIARY WHO ENROLLS AT A PUBLIC AN
INSTITUTION OF HIGHER EDUCATION IN THE STATE THAT THE BOARD SHALL MAKE
EVERY EFFORT TO INVEST THE ADVANCE PAYMENTS SO THAT THE PREPAID
TUITION HIGHER EDUCATION INVESTMENT CONTRACT WILL COVER THE COST OF
AVERAGE IN-STATE TUITION COSTS AT PUBLIC INSTITUTIONS OF HIGHER EDUCATION
IN THE STATE AT THE TIME THAT THE BENEFITS ARE EXERCISED.

(C) THE FUNDS OF THE PROGRAM CONSIST OF:

(1) PAYMENTS RECEIVED FROM PREPAID TUITION HIGHER EDUCATION
INVESTMENT CONTRACTS MADE UNDER THE PROVISIONS OF THIS SUBTITLE;

(2) BEQUESTS, ENDOWMENTS, OR FUNDS FROM ANY OTHER
AVAILABLE PRIVATE SOURCE;

(3) INTEREST AND INCOME EARNED FROM THE INVESTMENTS OF THE
PROGRAM; AND

(4) FEDERAL, STATE, OR LOCAL FUNDS, OR FUNDS FROM ANY OTHER
AVAILABLE PUBLIC SOURCE

(D) MONEY REMAINING IN THE PROGRAM AT THE END OF THE FISCAL YEAR
SHALL REMAIN IN THE PROGRAM AND MAY NOT REVERT TO THE GENERAL FUND
OF THE STATE.

(E) MONEYS OF THE PROGRAM MAY NOT BE CONSIDERED MONEYS OF THE
STATE AND MAY NOT BE DEPOSITED INTO THE TREASURY.

(E) THE DEBTS AND OBLIGATIONS OF THE PROGRAM ARE NOT DEBTS OF THE
STATE OR PLEDGES OF THE CREDIT OF THE STATE

(F) (1) THE DEBTS. CONTRACTS, AND OBLIGATIONS OF THE PROGRAM ARE
NOT THE CONTRACTS, DEBTS, OR OBLIGATIONS OF THE STATE AND NEITHER THE
FAITH AND CREDIT NOR TAXING POWER OF THE STATE IS PLEDGED DIRECTLY OR
INDIRECTLY OR CONTINGENTLY, MORALLY OR OTHERWISE, TO THE PAYMENT OF
THE DEBTS. CONTRACTS. AND OBLIGATIONS.

(2) THE BOARD CANNOT DIRECTLY OR INDIRECTLY OR
CONTINGENTLY OBLIGATE. MORALLY OR OTHERWISE, THE STATE TO LEVY OR
PLEDGE ANY FORM OF TAXATION WHATSOEVER FOR THE DEBTS AND OBLIGATIONS
OF THE PROGRAM OR TO MAKE ANY APPROPRIATION FOR THE PAYMENT OF THE
DEBTS AND OBLIGATIONS OF THE PROGRAM.

18-1904.

(A) THERE IS A MARYLAND PREPAID TUITION HIGHER EDUCATION
INVESTMENT PROGRAM BOARD.

(B) THE BOARD CONSISTS OF THE FOLLOWING SEVEN MEMBERS APPOINTED
BY THE GOVERNOR:

(1) THE SECRETARY OF THE MARYLAND HIGHER EDUCATION
COMMISSION;

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