3094

LAWS OF MARYLAND

Ch. 488

BANKS WHICH ARE INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ITS SUCCESSOR IF THEN IN EXISTENCE; AND

(5) IN WITHDRAWABLE CAPITAL ACCOUNTS OR DEPOSITS
OF STATE OR FEDERAL CHARTERED SAVINGS AND LOAN ASSOCIATIONS
WHICH ARE INSURED BY THE FEDERAL SAVINGS AND LOAN INSURANCE
CORPORATION OR THE MARYLAND SAVINGS-SHARE INSURANCE
CORPORATION.

(B) SECURITIES MAY BE PURCHASED AT SUCH TIME AND AT
SUCH PRICES AS THE AUTHORITY DETERMINES.

18-1315. BONDS AS LEGAL INVESTMENTS.

ALL BANKS, BANKERS, TRUST COMPANIES, SAVINGS BANK AND
INSTITUTIONS, BUILDING, SAVINGS AND LOAN ASSOCIATIONS,
INVESTMENT COMPANIES, INSURANCE COMPANIES AND ASSOCIATIONS,
AND ALL EXECUTORS, ADMINISTRATORS, GUARDIANS, TRUSTEES, AND
OTHER FIDUCIARIES MAY LEGALLY INVEST ANY SINKING FUNDS,
MONEYS, OR OTHER FUNDS BELONGING TO THEM OR WITHIN THEIR
CONTROL IN ANY BONDS ISSUED UNDER THIS SUBTITLE.

18-1316. ACCOUNTS AND REPORTS.

(A)  THE AUTHORITY SHALL KEEP FULL AND ACCURATE
ACCOUNTS OF ITS ACTIVITIES AND OPERATIONS AND SHALL ANNUALLY
IN THE MONTH OF JANUARY MAKE A REPORT TO THE GOVERNOR, THE
STATE COMPTROLLER, THE SPEAKER OF THE HOUSE OF DELEGATES,
THE PRESIDENT OF THE SENATE, AND THE SECRETARY OF BUDGET AND
FISCAL PLANNING.

(B)  THE REPORT SHALL COVER THE PRECEDING FISCAL YEAR
AND SHALL INCLUDE A COMPLETE OPERATING AND FINANCIAL
STATEMENT FOR THAT YEAR AND A SUMMARY OF THE RESIDENCES OF
THE RECIPIENTS OF EDUCATION LOANS. THE AUTHORITY SHALL
CAUSE AN AUDIT OF ITS BOOKS AND ACCOUNTS TO BE MADE AT LEAST
ONCE EACH YEAR BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS,
AND THE COST THEREOF SHALL BE PAID BY THE AUTHORITY FROM
FUNDS AVAILABLE TO IT PURSUANT TO THIS ARTICLE SUBTITLE.

18-1317. SUBTITLE ADDITIONAL AND SUPPLEMENTAL.

(A)  THIS SUBTITLE PROVIDES A COMPLETE, ADDITIONAL, AND
ALTERNATIVE METHOD FOR THE DOING OF THE THINGS AUTHORIZED
AND SHALL BE REGARDED AS SUPPLEMENTAL AND ADDITIONAL TO, AND
THE LIMITATIONS IMPOSED BY THIS SUBTITLE DO NOT LIMIT OR
OTHERWISE AFFECT POWERS OR RIGHTS CONFERRED BY, OTHER LAWS,
AND THE ISSUANCE OF BONDS AND REFUNDING BONDS UNDER THIS
SUBTITLE NEED NOT COMPLY WITH THE REQUIREMENTS OF ANY OTHER
LAW APPLICABLE TO THE ISSUANCE OF BONDS.

(B)  (1) NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR
CHARTER, INSTITUTIONS MAY BORROW MONEY FROM THE AUTHORITY,
MAKE EDUCATION LOANS AND TAKE ALL OTHER ACTIONS AND DO THOSE
THINGS NECESSARY OR CONVENIENT TO CONSUMMATE THE
TRANSACTIONS CONTEMPLATED UNDER THIS SUBTITLE.