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2412 VETOES
THE PROCEEDS OF WHICH ARE USED TO REFINANCE OR REFUND OUTSTANDING
AUTHORIZED PURPOSE OBLIGATIONS) AND THE FUNDING OF RESERVES.
(D) INVESTMENTS. - MONEYS IN THE AUTHORIZED PURPOSE
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
AUTHORIZED PURPOSE INSURANCE FUND. ANY NET EARNINGS OF THE
AUTHORIZED PURPOSE 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.
(E) ADDITIONS TO FUND. - IF THE AUTHORITY AND THE SECRETARY
FIND THAT MORE MONEY IS NEEDED TO KEEP THE RESERVES OF THE
AUTHORIZED PURPOSE INSURANCE FUND AT AN ADEQUATE LEVEL, THE
AUTHORITY, WITH THE CONSENT OF THE SECRETARY, SHALL SEND A
WRITTEN REQUEST TO THE BOARD OF PUBLIC WORKS FOR ADDITIONAL
MONEY. THE BOARD OF PUBLIC WORKS MAY PAY THE REQUESTED AMOUNT
FROM ITS EMERGENCY FUND.
(F) EXCESS FUNDS. - IF AT ANY TIME THE AMOUNT OF MONEY
CREDITED TO THE AUTHORIZED PURPOSE INSURANCE FUND EXCEEDS THE
AMOUNT THAT THE AUTHORITY CONSIDERS NECESSARY TO MEET ITS
OBLIGATIONS UNDER THIS SUBTITLE, AND TO MEET THE REQUIREMENTS OF
THIS SUBTITLE, THE AUTHORITY MAY DETERMINE, WITH THE CONSENT OF
THE SECRETARY, TO:
(1) DEPOSIT THE EXCESS MONEYS INTO THE BOND INSURANCE
FUND TO BE USED FOR THE PURPOSES DESCRIBED IN § 13-120(C) OF THIS
SUBTITLE; OR
(2) PAY THE EXCESS MONEYS TO THE STATE TREASURER.
13-122.
THE STATE TREASURER SHALL REPORT ANNUALLY TO THE AUTHORITY
AS TO:
(1) THE STATUS OF THE BOND INSURANCE FUND AND THE
AUTHORIZED PURPOSE INSURANCE FUND;
(2) THE MARKET VALUE OF THE ASSETS IN THE BOND
INSURANCE FUND AND THE AUTHORIZED PURPOSE INSURANCE FUND AS OF
THE DATE OF THE REPORT; AND
(3) THE EARNINGS RECEIVED FROM INVESTMENTS AUTHORIZED
UNDER THIS PART III DURING THE PERIOD COVERED BY THE REPORT.
13-123. RESERVED.
13-124. RESERVED.
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