HARRY HUGHES, Governor

669

Art. 41, § 266Z(a), which first refers to the
opinion of "the Authority and the Secretary" as
to the need for additional money and, then, to a
reserve level considered adequate by "the

Authority".

13-124. EXCESS FUNDS.

(A) EXCESS OVER CURRENT NEEDS.

IF, AT ANY TIME, THE AMOUNT OF MONEY IN THE FUND
EXCEEDS THE AMOUNT THAT THE AUTHORITY CONSIDERS NECESSARY
CURRENTLY TO MEET ITS EXPENSES AND OBLIGATIONS, THE EXCESS
SHALL BE:

(1) DEPOSITED WITH THE STATE TREASURER, TO THE
CREDIT OF THE FUND; AND

(2) INVESTED IN THE MANNER PROVIDED FOR BY LAW.

(B) EXCESS OVER OBLIGATIONS.

IF, AT ANY TIME, THE AMOUNT OF MONEY IS OR CREDITED TO
THE FUND EXCEEDS THE AMOUNT THAT THE AUTHORITY CONSIDERS
NECESSARY TO MEET ITS OBLIGATIONS, THE EXCESS, ON RESOLUTION
OF THE MEMBERS OF THE AUTHORITY, SHALL BE PAID TO THE STATE
TREASURER.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 41, §§
266S(b) and 266Z(b).

13-125. REPORT OF STATE TREASURER.

THE STATE TREASURER SHALL REPORT ANNUALLY TO THE
AUTHORITY AS TO:

(1)       THE STATUS OF THE MONEY INVESTED UNDER §
13-124 OF THIS SUBTITLE;

(2)       THE MARKET VALUE OF THE ASSETS IN THE FUND
AS OF THE DATE OF THE REPORT; AND

(3)       THE INTEREST RECEIVED FROM INVESTMENTS
DURING THE PERIOD COVERED BY THE REPORT.

REVISOR'S NOTE: This section presently appears as Art.
41, § 266S(c) .

The only changes are in style.

13-126. RESERVED.

13-127. RESERVED.

13-128. RESERVED.