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H.B. 972
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VETOES
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(f) If at any time the amount of money credited to the [Bond Insurance]
INDUSTRIAL DEVELOPMENT Fund exceeds the amount that the Authority considers
necessary to meet its obligations under this subtitle, and to meet the requirements of
this subtitle, the Authority may determine, with the consent of the Secretary, to[:
(1) Deposit the excess moneys into the Authorized Purpose Insurance
Fund to be used for the purposes described in § 5-915(c) of this subtitle;
(2) Deposit the excess moneys into the Maryland Seafood and
Aquaculture Loan Fund to be used for the purposes described in § 5-919(a) of this
subtitle; or
(3) Pay] PAY the excess moneys to the State Treasurer.
[5-916.] 5-915.
The State Treasurer shall report annually to the Authority as to:
(1) The status of the [Bond Insurance] INDUSTRIAL DEVELOPMENT
Fund [and the Authorized Purpose Insurance Fund];
(2) The market value of the assets in the [Bond Insurance] INDUSTRIAL
DEVELOPMENT Fund [and the Authorized Purpose Insurance Fund] as of the date of
the report; and
(3) The earnings received from investments authorized under this [Part
III] SUBTITLE during the period covered by the report.
[Part IIIA. Maryland Seafood and Aquaculture Loan Fund.]
[Part IV. Use of Insurance Funds.]
[5-929.] 5-916.
Subject to the provisions of [this Part IV] § 5-917 OF THIS SUBTITLE, the
Authority may, from the [Bond Insurance] INDUSTRIAL DEVELOPMENT Fund:
(1) Insure the payment or repayment of all or any part of the principal of,
redemption or prepayment premiums or penalties on, and interest on bonds;
(2) Insure the payment or repayment of all or any part of the principal of,
redemption or prepayment premiums or penalties on, and interest on any instrument
executed, obtained, or delivered in connection with the issuance and sale of bonds;
and
(3) Pay or insure the payment of any fees or premiums necessary to
obtain insurance, guarantees, or other credit support from any person in connection
with financial assistance provided by the Authority under this subtitle.
[5-930.] 5-917.
(a) The Authority may use the [Bond Insurance] INDUSTRIAL DEVELOPMENT
Fund for the purposes described in [§ 5-929] § 5-916 of this subtitle only if the
requirements of this section are satisfied.
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- 4666 -
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