HARRY HUGHES, Governor

4011

CHARGES WHICH SHALL BE IMPOSED ON DEFERRED PAYMENT, SUBORDINATED
LOANS.

(B) THE REGULATIONS SHALL SPECIFY PROVISIONS REGARDING THE
RECAPTURE FROM THE LOCAL GOVERNMENTS OR DEVELOPERS OF THE FUND
AWARDS MONEY IF THE MONEY IS AWARDS ARE NOT USED IN A TIMELY
MANNER.

13-612.

(A)(1) THE GOVERNOR MAY INCLUDE AN AMOUNT IN THE STATE
BUDGET EACH YEAR TO SUPPORT THE ACTIVITIES OF THE PROGRAM.

(B) NONSTATE FUNDS RECEIVED BY THE PROGRAM FROM ESCROW AND
TRUST ACCOUNTS SHALL BE ACCOUNTED FOR AN REPORTED AS RECEIPTS
AND DISBURSEMENTS, SEPARATE AND DISTINCT FROM STATE FUNDS.

13-613. 13-612.

(A)  (1) THE ACCOUNTS OF THE CORPORATION SHALL BE AUDITED
ANNUALLY. THESE AUDITS SHALL BE CONDUCTED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS BY INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS.

(2)  THE AUDITS SHALL BE CONDUCTED AT THE PLACE OR
PLACES WHERE THE ACCOUNTS OF THE CORPORATION ARE NORMALLY KEPT.
ALL BOOKS, ACCOUNTS, FINANCIAL RECORDS, REPORTS, FILES, AND OTHER
PAPERS OR PROPERTY BELONGING TO, OR IN USE BY, THE CORPORATION
THAT ARE NECESSARY TO FACILITATE THE AUDITS SHALL BE MADE
AVAILABLE TO THE PERSON CONDUCTING THE AUDITS. FULL FACILITIES
FOR VERIFYING TRANSACTIONS WITH THE BALANCES AND SECURITIES HELD
BY DEPOSITARIES, FISCAL AGENTS, AND CUSTODIANS SHALL BE AVAILABLE
TO THE AUDITORS.

(3)  THE REPORT OF THE ANNUAL AUDIT SHALL BE FILED
WITH THE GOVERNOR, AND, SUBJECT TO § 2-1312 OF THE STATE
GOVERNMENT ARTICLE, WITH THE GENERAL ASSEMBLY AND THE DEPARTMENT
OF BUDGET AND FISCAL PLANNING. THE REPORT OF THE ANNUAL AUDIT
SHALL BE AVAILABLE FOR PUBLIC INSPECTION DURING BUSINESS HOURS AT
THE PRINCIPAL OFFICE OF THE CORPORATION.

(B)  (1) IN ADDITION TO THE ANNUAL AUDIT REQUIRED BY
SUBSECTION (A), THE FINANCIAL TRANSACTIONS OF THE CORPORATION FOR
ANY FISCAL YEAR DURING WHICH STATE FUNDS ARE AVAILABLE TO FINANCE
ANY PORTION OF ITS OPERATIONS MAY BE AUDITED BY THE LEGISLATIVE
AUDITOR.

(2) THIS AUDIT SHALL BE CONDUCTED AT THE PLACE OR

PLACES WHERE ACCOUNTS OF THE CORPORATION ARE NORMALLY KEPT. THE

LEGISLATIVE AUDITOR SHALL HAVE ACCESS TO ALL BOOKS, ACCOUNTS,
FINANCIAL RECORDS, REPORTS, FILES, AND OTHER PAPERS OR PROPERTY

BELONGING TO OR IN USE BY THE CORPORATION AND NECESSARY TO

FACILITATE THE AUDIT. FULL FACILITIES FOR VERIFYING TRANSACTIONS

WITH THE BALANCES AND SECURITIES HELD BY DEPOSITARIES, FISCAL