WILLIAM DONALD SCHAEFER, Governor Ch. 321

FUNDS SHALL BE INVESTED AND REINVESTED IN THE SAME MANNER AS
OTHER STATE FUNDS.

(B) THE FUND IS A CONTINUOUS NONLAPSING SPECIAL FUND
CONSISTING OF MONEYS APPROPRIATED BY THE STATE TO THE FUND,
ANY PROCEEDS OF ANY STATE LOAN TO THE EXTENT PROVIDED BY THE
GENERAL ASSEMBLY OR ANY AGENCY OR AUTHORITY AUTHORIZED TO
ISSUE BONDS THEREFOR, FEES AND PREMIUMS RECEIVED BY THE
DEPARTMENT IN CONNECTION WITH INSURANCE OR OTHER CREDIT
ENHANCEMENT PROVIDED BY THE FUND, AND ANY OTHER MONEYS
MADE AVAILABLE TO THE DEPARTMENT FOR THE PURPOSES SET FORTH
IN THIS SUBTITLE FROM ANY PUBLIC OR PRIVATE SOURCE.

(C) ALL PREMIUM AND FEE INCOME IS CREDITED TO THE FUND
FOR THE OPERATION OF THE FUND AND THE PROVISION OF
ADDITIONAL INSURANCE, GUARANTEES, AND CREDIT ENHANCEMENT
AND DOES NOT REVERT TO THE STATE'S GENERAL FUND.

(D) ANY MONEYS IN THE FUND WHICH BY AGREEMENT,
CONTRACT, SECRETARIAL DETERMINATION OR REGULATION HAVE
BEEN CREATED AS AN IDENTIFIABLE INSURANCE OR CREDIT RESERVE
MAY ONLY BE USED IN CONFORMANCE WITH THE TERMS AND
CONDITIONS CREATING SUCH RESERVE. OPERATIONAL FUNDS,
EARNINGS NOT YET ALLOCATED TO ANY PARTICULAR RESERVE, STATE
APPROPRIATED FUNDS, STATE GENERAL OBLIGATION BOND PROCEEDS,
OR OTHER FUNDS RECEIVED AND NOT IDENTIFIED TO A PARTICULAR
RESERVE MAY, AT THE DISCRETION OF THE SECRETARY, BE
TRANSFERRED TO ANY RESERVE NOW EXISTING OR HEREAFTER
CREATED.

(E) INSURANCE, GUARANTEES, OR OTHER CREDIT
ENHANCEMENTS PROVIDED PURSUANT TO THIS SUBTITLE DO NOT
PLEDGE THE FAITH, CREDIT, OR TAXING POWER OF THE STATE OR THE
DEPARTMENT AND HENCE ARE PAYABLE ONLY TO THE EXTENT OF THE
RESERVE OR OTHER IDENTIFIED FUNDS BACKING THE INSURANCE,
GUARANTEE, OR ENHANCEMENT.

(F) THE AGGREGATE AMOUNT OF OUTSTANDING OBLIGATIONS
BACKED BY MORTGAGES THAT THE FUND MAY COMMIT TO GUARANTEE
UNDER § 3-203(B)(3) OF THIS SUBTITLE MAY NOT EXCEED $300,000,000 AT
ANY GIVEN TIME.

[3-205.] 3-207.

(A) The Department shall promulgate such rules as are necessary to carry out
the purpose of this subtitle.

(B) THE DEPARTMENT SHALL PROVIDE A WRITTEN REPORT TO
THE GOVERNOR AND, SUBJECT TO § 2-1312 OF THE STATE GOVERNMENT
ARTICLE, TO THE GENERAL ASSEMBLY ON OR BEFORE DECEMBER 1 OF

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