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611
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HARRY HUGHES, Governor
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(b) The Authority shall use the [special] GUARANTY fund to
pay the following expenses and disbursements of the Authority:
(1) Guaranty payments required by defaults pursuant
to § 13-233.2 of this subtitle;
(2) Interest subsidy payments pursuant to § 13-233.2
of this subtitle; and
(3) Expenses for administrative, legal, actuarial and
other services.
13-222.
(a) If, at any time, the amount of money in the [general]
CONTRACT FINANCING fund or in the [special] GUARANTY fund exceeds
the amount that the Authority considers necessary currently to
meet its expenses and obligations, the excess shall be:
(1) Deposited with the State Treasurer, to the credit
of the [general] CONTRACT FINANCING fund or the [special]
GUARANTY fund, as appropriate; and
(2) Invested in the manner provided for by law.
(b) If, at any time, the amount of money in or credited to
the [general] CONTRACT FINANCING fund or to the [special]
GUARANTY fund exceeds the amount that the Authority considers
necessary to meet its obligations, the excess, on resolution of
the Authority, shall be paid to the State Treasurer and shall be
first applied, as the State Comptroller may determine, to the
payment of the- principal of and interest on any outstanding bonds
issued under any act authorizing the issue of State general
obligation bonds for the purpose of implementing this subtitle.
13-223.
The State Treasurer shall report annually to the Authority
as to:
(1) The status of the money invested under § 13-222
of this subtitle;
(2) The market value of the assets in the [general]
CONTRACT FINANCING fund and the [special] GUARANTY fund as of the
date of the report; and
(3) The interest received from investments during the
period covered by the report.
Part IV. [General] CONTRACT FINANCING Fund Financial
Assistance
13-227.
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