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562
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Ch. 73
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LAWS OF MARYLAND
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THE AUTHORITY SHALL:
(1) KEEP PROPER RECORDS OF ITS FUNDS AND ACCOUNTS;
AND
(2) MAKE AN ANNUAL REPORT ON ITS CONDITION AND
OPERATIONS TO THE GOVERNOR-; , THE MARYLAND GENERAL ASSEMBLY IN
ACCORDANCE WITH ARTICLE 40, § 51 OF THE CODE, AND THE CHAIRMAN OF
THE JOINT COMMITTEE ON BUDGET AND AUDIT OF THE MARYLAND GENERAL
ASSEMBLY; AND
(3) BE AUDITED ANNUALLY.
13-116.
IN ANY ACTION, SERVICE OF PROCESS ON THE AUTHORITY SHALL BE
MADE BY SERVICE ON THE EXECUTIVE DIRECTOR OF THE AUTHORITY,
EITHER IN PERSON OR BY LEAVING A COPY OF THE PROCESS AT THE
OFFICE OF THE EXECUTIVE DIRECTOR WITH THE INDIVIDUAL IN CHARGE OF
THE OFFICE.
13-117. RESERVED.
13-118. RESERVED.
13-119. RESERVED.
PART III. INSURANCE FUNDS
13-120.
(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
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