HARRY HUGHES, Governor

2031

RESOLUTION, TO ESTABLISH A RETIREMENT SYSTEM TO BE OPERATED
ON AN ACTUARIAL BASIS UNDER THE APPLICABLE LAWS OF THIS
STATE.

519.

(A)  THE MARYLAND ENERGY FINANCING ADMINISTRATION IS
HEREBY CREATED AS A DIVISION OF THE DEPARTMENT OF ECONOMIC
AND, COMMUNITY DEVELOPMENT. THE ADMINISTRATION IS
CONSTITUTED AS A PUBLIC INSTRUMENTALITY OF THE STATE OF
MARYLAND. THE EXERCISE BY THE ADMINISTRATION OF THE POWER
CONFERRED BY THIS SUBTITLE SHALL BE CONSIDERED TO BE THE
PERFORMANCE OF AN ESSENTIAL PUBLIC FUNCTION.

(B)  THE SECRETARY, WITH THE APPROVAL OF THE GOVERNOR,
SHALL APPOINT THE DIRECTOR OF THE ADMINISTRATION WHO SHALL
SERVE AT THE PLEASURE OF THE SECRETARY. THE POSITION OF
DIRECTOR SHALL NOT BE SUBJECT TO ARTICLE 64A OF THIS CODE.
THE DIRECTOR SHALL OPERATE AND EXERCISE THE POWERS OF THE
ADMINISTRATION UNDER THE DIRECTION OF THE SECRETARY IN
ACCORDANCE WITH THE PROVISIONS OF THIS SUBTITLE. THE
DIRECTOR SHALL RECEIVE SUCH SALARY AND HAVE SUCH EMPLOYEES
AS PROVIDED IN THE STATE BUDGET. THE EMPLOYEES DIRECTOR OF
THE ADMINISTRATION SHALL BE CONSIDERED TO BE CONTRACTUAL
EMPLOYEES A CONTRACTUAL EMPLOYEE BUY SHALL BE EXEMPT FROM
THE PROVISIONS OF ARTICLE 64A, § 15A OF THE ANNOTATED CODE.
WITH THE EXCEPTION OF THE DIRECTOR, NO POSITIONS IN THE
ADMINISTRATION MAY BE ADDED WITHOUT PRIOR APPROVAL OF THE
GENERAL ASSEMBLY.

13-104. 520.

(A) THE AUTHORITY ADMINISTRATION SHALL PROVIDE FOR A
SYSTEM OF FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND
REPORTS. ALL ACCOUNTING SYSTEMS AND RECORDS, AUDITING
PROCEDURES AND STANDARDS, AND FINANCIAL REPORTING OF THE
AUTHORITY ADMINISTRATION SHALL CONFORM TO GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES. AS SOON AS PRACTICAL AFTER THE
CLOSING OF THE FISCAL YEAR, AN AUDIT SHALL BE MADE OF THE
FINANCIAL BOOKS, RECORDS, AND ACCOUNTS OF THE AUTHORITY
ADMINISTRATION. THE AUDIT SHALL BE MADE BY INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS WHO ARE SELECTED BY THE
AUTHORITY ADMINISTRATION AND WHO ARE LICENSED TO PRACTICE IN
THE STATE AS ACCOUNTANTS. THE ACCOUNTANTS MAY NOT HAVE A
PERSONAL INTEREST EITHER DIRECTLY OR INDIRECTLY IN THE
FISCAL AFFAIRS OF THE AUTHORITY ADMINISTRATION. THEY SHALL
BE EXPERIENCED AND QUALIFIED IN THE ACCOUNTING AND AUDITING
OF PUBLIC BODIES. THE REPORT OF AUDIT SHALL BE PREPARED IN
ACCORDANCE WITH GENERALLY ACCEPTED AUDITING PRINCIPLES
STANDARDS AND POINT OUT ANY IRREGULARITY FOUND TO EXIST.
THE AUDITORS SHALL REPORT THE RESULTS OF THEIR EXAMINATION
INCLUDING THEIR UNQUALIFIED OPINION ON THE PRESENTATION OF
THE FINANCIAL POSITION OF THE VARIOUS FUNDS AND THE RESULTS
OF THE FINANCIAL OPERATIONS OF THE AUTHORITY ADMINISTRATION.
IF THEY ARE UNABLE TO EXPRESS AN UNQUALIFIED OPINION THEY
SHALL STATE AND EXPLAIN IN DETAIL THE REASONS FOR THEIR
QUALIFICATIONS, DISCLAIMER, OR OPINION AND THEY SHALL