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2410 VETOES
(A) CREATED. - THERE IS A BOND INSURANCE FUND WHICH
REPLACES THE AUTHORITY'S INDUSTRIAL PROJECT INSURANCE FUND.
MONEYS ON DEPOSIT IN THE AUTHORITY'S INDUSTRIAL PROJECT INSURANCE
FUND SHALL BE TRANSFERRED TO THE BOND INSURANCE FUND ON JULY 1,
1983.
(B) COMPOSITION. - THE BOND INSURANCE FUND IS A CONTINUING,
NONLAPSING, REVOLVING FUND THAT CONSISTS OF:
(1) MONEYS APPROPRIATED BY THE STATE TO THE BOND
INSURANCE FUND;
(2) PREMIUMS, FEES, AND ANY OTHER AMOUNTS RECEIVED BY
THE AUTHORITY WITH RESPECT TO FINANCIAL ASSISTANCE PROVIDED BY
THE AUTHORITY FROM THE BOND INSURANCE FUND;
(3) PROCEEDS AS DESIGNATED BY THE AUTHORITY FROM THE
SALE, LEASE, OR OTHER DISPOSITION OF PROPERTY HELD OR ACQUIRED BY
THE AUTHORITY;
(4) INCOME FROM INVESTMENTS THAT THE STATE TREASURER,
ON INSTRUCTION OF THE AUTHORITY, MAKES FROM MONEYS IN THE BOND
INSURANCE FUND; AND
(5) ANY OTHER MONEYS MADE AVAILABLE UNDER THIS
SUBTITLE.
(C) USE OF FUND. - THE BOND INSURANCE FUND SHALL BE USED:
(1) FOR THE PURPOSES DESCRIBED IN § 13-129 OF THIS
SUBTITLE; AND
(2) TO PAY ANY AND ALL EXPENSES OF THE AUTHORITY,
INCLUDING, BY WAY OF EXAMPLE:
(I) ANY AND ALL EXPENSES FOR ADMINISTRATIVE,
LEGAL, ACTUARIAL, AND OTHER SERVICES; AND
(II) ALL COSTS, CHARGES, FEES, AND EXPENSES OF
THE AUTHORITY RELATED TO THE AUTHORIZING, PREPARING, PRINTING,
SELLING, ISSUING, AND INSURING OF BONDS (INCLUDING, BY WAY OF
EXAMPLE, BONDS, THE PROCEEDS OF WHICH ARE USED TO REFINANCE OR
REFUND OUTSTANDING BONDS) AND THE FUNDING OF RESERVES.
(D) INVESTMENTS. - MONEYS IN THE BOND INSURANCE FUND, TO
THE EXTENT THAT SUCH MONEYS EXCEED THE AMOUNT THAT THE AUTHORITY
CONSIDERS NECESSARY TO MEET ITS CURRENT EXPENSES AND OBLIGATIONS,
SHALL BE DEPOSITED WITH THE STATE TREASURER AND INVESTED AND
REINVESTED IN THE SAME MANNER AS OTHER STATE FUNDS, AND ANY
INVESTMENT EARNINGS SHALL BE PAID INTO THE BOND INSURANCE FUND.
ANY NET EARNINGS OF THE BOND INSURANCE FUND, BEYOND THOSE
NECESSARY TO FURTHER OR IMPLEMENT THE PURPOSES OF THIS SUBTITLE,
MAY NOT INURE TO THE BENEFIT OF ANY PERSON OTHER THAN THE STATE.
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