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HARRY HUGHES, Governor
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563
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(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.
(E) ADDITIONS TO FUND. - IF THE AUTHORITY AND THE SECRETARY
FIND THAT MORE MONEY IS NEEDED TO KEEP THE RESERVES OF THE BOND
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 BOND 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
PAY THE EXCESS MONEYS TO THE STATE TREASURER.
13-121.
(A) CREATED. - THERE IS AN AUTHORIZED PURPOSE INSURANCE
FUND.
(B) COMPOSITION. - THE AUTHORIZED PURPOSE INSURANCE FUND IS
A CONTINUING, NONLAPSING, REVOLVING FUND THAT CONSISTS OF:
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(1) MONEYS APPROPRIATED BY THE STATE TO THE
AUTHORIZED PURPOSE INSURANCE FUND;
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