Ch. 120                                    1995 LAWS OF MARYLAND

[5-109.] 5-209.

Bonds of the Corporation issued under the provisions of this subtitle are securities
in which all public officers, political subdivisions, banks, trust companies, savings and loan
associations, investment companies, insurance associations and others carrying on an
insurance business, personal representatives, administrators, executors, guardians,
trustees, other fiduciaries, and other persons may legally and properly invest funds,
including capital in their control or belonging to them. The bonds are securities which
properly and legally may be deposited with and received by any political subdivision or
any officer of the State or of any political subdivision for any purpose for which the
deposit of bonds or other obligations of the State is authorized by law.

[5-110.] 5-210.

With the exception of the State and local real estate taxes as required below, the
Corporation shall not be required to pay any taxes or assessments upon its properties or
activities or upon any revenues therefrom; provided however that whenever the
Corporation sells or leases land or facilities to any private entity or entities, such land or
facilities shall be subject to State and local property taxes from the time of such sale or
lease. The bonds of the Corporation and the interest thereon are forever exempt from all
State, municipal, and local taxation.

[5-111.] 5-211.

The State Treasurer is authorized to advance to the Corporation a sum not to
exceed $450,000 for the initial expenses of the Corporation. This sum shall be repaid out
of the first moneys available to the Corporation from its revenues.

[5-112.] 5-212.

(a)     The Corporation may provide for the creation, continuation, and
administration of any funds it may require. Money in these funds and other money of the
Corporation shall be deposited, as directed by the Corporation, in any State or national
bank, or federally or State insured savings and loan associations located in the State
having a total paid-in capital of at least $1,000,000. The trust department of any State or
national bank or savings and loan association may be designated as a depository to receive
any securities acquired or owned by the Corporation.

(b)     Any money of the Corporation in its discretion and unless otherwise provided
in any agreement or covenant between the Corporation and the holders of any of its
obligations limiting or restricting classes of investments, may be invested in bonds or
other obligations of, or guaranteed as to principal and interest by, the United States or
the State or in the political subdivisions or units.

(c)     The Corporation shall make provision for a system of financial accounting,
controls, audits, and reports. The fiscal year of the Corporation shall be July 1 to June 30.

(d)    As soon as practical after the closing of the fiscal year, an audit shall be made
of the financial books, records, and accounts of the Corporation. The audit shall be made
by independent certified public accountants, selected by the Corporation and licensed to
practice in the State. The accountants may not have a personal interest either directly or
indirectly in the fiscal affairs of the Corporation. They shall be experienced and qualified

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