WILLIAM DONALD SCHAEFER, Governor Ch. 535

QUALIFIED IN THE ACCOUNTING AND AUDITING OF PUBLIC BODIES. THE
REPORT OF AUDIT SHALL BE PREPARED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING PRINCIPLES AND POINT OUT ANY IRREGULARITIES
FOUND TO EXIST. THE AUDITORS SHALL REPORT TO THE SECRETARY THE
RESULTS OF THEIR EXAMINATION, INCLUDING THEIR UNQUALIFIED OPINION
ON THE PRESENTATION OF THE FINANCIAL POSITION OF THE FUND AND THE
RESULTS OF THE ADMINISTRATION'S FINANCIAL OPERATIONS. IF THEY
ARE UNABLE TO EXPRESS AN UNQUALIFIED OPINION THEY SHALL STATE AND
EXPLAIN IN DETAIL THE REASONS FOR THEIR QUALIFICATIONS,
DISCLAIMER, OR OPINION INCLUDING RECOMMENDATIONS NECESSARY TO
MAKE POSSIBLE FUTURE UNQUALIFIED OPINIONS.

(B) THE BOOKS, RECORDS, AND ACCOUNTS OF THE ADMINISTRATION
ARE SUBJECT TO AUDIT BY THE STATE. ANY OFFICER OR EMPLOYEE WHO
REFUSES TO GIVE THE REQUIRED ASSISTANCE AND INFORMATION TO THE
ACCOUNTANTS SELECTED BY THE ADMINISTRATION OR BY THE STATE OR WHO
REFUSES TO SUBMIT TO THEM FOR EXAMINATION THE BOOKS, DOCUMENTS,
RECORDS, FILES, ACCOUNTS, PAPERS, THINGS, OR PROPERTY REQUIRED
FOR THE AUDIT, IN THE DISCRETION OF THE SECRETARY, MAY BE
REQUIRED TO FORFEIT HIS OR HER OFFICE OR EMPLOYMENT.

(B) (1) THE SECRETARY SHALL REPORT ON OR BEFORE JANUARY 15
OF EACH YEAR TO THE GOVERNOR AND, SUBJECT TO § 2-1312 OF THE
STATE GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY ON THE STATUS
OF THE FUND.

(2) THE SECRETARY'S REPORT SHALL INCLUDE:

(I)  THE TOTAL AMOUNT OF FUNDS EXPENDED;

(II)  THE TOTAL AMOUNT OF FUNDS COMMITTED;

(III)  THE TOTAL AMOUNT OF FUNDS REMAINING;

(IV)  A LIST OF PROJECTS FOR WHICH FUNDS HAVE
BEEN EXPENDED OR ARE COMMITTED;

(V)  A PROJECTION OF PROJECTS TO BE CONSTRUCTED
IN THE NEAR FUTURE FOR WHICH LOANS OR LOAN GUARANTEES WILL BE
MADE;

(VI)  AN EVALUATION OF THE PROGRAM'S
EFFECTIVENESS; AND

(VII)  PROJECTIONS AS TO FUTURE FUNDING
REQUIREMENTS.

9-1618.

THE ADMINISTRATION SHALL CONTINUE UNTIL TERMINATED BY LAW,
EXCEPT THAT NO SUCH LAW SHALL TAKE EFFECT SO LONG AS THE
ADMINISTRATION SHALL HAVE BONDS OUTSTANDING, UNLESS ADEQUATE
PROVISION HAS BEEN MADE FOR THE PAYMENT THEREOF. UPON

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