HARRY HUGHES, Governor                                       2655

(6) WITH RESPECT TO THE PROCEEDS OF THE SALE OF BONDS
OR OTHER MONEYS HELD IN CONNECTION WITH AN ISSUE OF BONDS, IN
SUCH OTHER OBLIGATIONS AS SHALL BE PERMITTED BY THE BOND
RESOLUTION PURSUANT TO WHICH SUCH BONDS WERE ISSUED.

(B) SECURITIES MAY BE PURCHASED AT SUCH TIME AND AT SUCH
PRICES AS THE AUTHORITY DETERMINES.

31-114.

ALL BANKS, BANKERS, TRUST COMPANIES, SAVINGS BANK AND
INSTITUTIONS, BUILDING, SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT
COMPANIES, INSURANCE COMPANIES AND ASSOCIATIONS, AND ALL
EXECUTORS, ADMINISTRATORS, GUARDIANS, TRUSTEES AND OTHER
FIDUCIARIES MAY LEGALLY INVEST ANY SINKING FUNDS, MONEYS, OR
OTHER FUNDS BELONGING TO THEM OR WITHIN THEIR CONTROL IN ANY
BONDS ISSUED UNDER THIS SUBTITLE.

31-115.

(A)  THE AUTHORITY SHALL KEEP FULL AND ACCURATE ACCOUNTS OF
ITS ACTIVITIES AND OPERATIONS AND SHALL ANNUALLY IN THE MONTH OF
JANUARY MAKE A REPORT TO THE COUNTY EXECUTIVE AND, THE CHAIRMAN
OF THE COUNCIL, AND THE MARYLAND HIGHER EDUCATION SUPPLEMENTAL
LOAN AUTHORITY.

(B) (1) THE REPORT SHALL COVER THE PRECEDING FISCAL YEAR
AND SHALL INCLUDE A COMPLETE OPERATING AND FINANCIAL STATEMENT
FOR THAT YEAR. THE AUTHORITY SHALL CAUSE AN AUDIT OF ITS BOOKS
AND ACCOUNTS TO BE MADE AT LEAST ONCE EACH YEAR BY INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS, AND THE COST THEREOF SHALL BE PAID
BY THE AUTHORITY FROM FUNDS AVAILABLE TO IT PURSUANT TO THIS
ARTICLE.

(2) THE INDEPENDENT AUDIT REQUIRED UNDER THIS
SUBSECTION SHALL BE CONDUCTED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS BY AN INDEPENDENT AUDITOR, WHO IS A
CERTIFIED PUBLIC ACCOUNTANT AND WHO IS IN GOOD STANDING UNDER THE
LAWS OF THIS STATE OR A CERTIFIED ACCOUNTING FIRM, ACCORDING TO
THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA)
GUIDELINES.

(3) ANY PERSON OR FIRM WHO IS CURRENTLY SUSPENDED
FROM PRACTICE BEFORE THE SECURITIES AND EXCHANGE COMMISSION OR
OTHER GOVERNMENTAL AGENCY IS NOT QUALIFIED FOR PURPOSES OF THIS
SUBSECTION.

31-116.

(A) THIS SUBTITLE PROVIDES A COMPLETE, ADDITIONAL,
ALTERNATIVE METHOD FOR THE DOING OF THE THINGS AUTHORIZED AND
SHALL BE REGARDED AS SUPPLEMENTAL AND ADDITIONAL TO, AND THE
LIMITATIONS IMPOSED BY THIS SUBTITLE DO NOT LIMIT OR OTHERWISE
AFFECT POWERS OR RIGHTS CONFERRED BY OTHER LAWS, AND THE ISSUANCE
OF BONDS AND REFUNDING BONDS UNDER THIS SUBTITLE NEED NOT COMPLY,