PARRIS N. GLENDENING, Governor                               Ch. 89

(E) A PERFORMANCE AUDIT UNDER FOR WHICH THE DEPARTMENT
CONTRACTED UNDER SUBSECTION (B) OF THIS SECTION:

(1)     SHALL BE CONDUCTED IN ACCORDANCE WITH GENERALLY
ACCEPTED GOVERNMENT AUDITING STANDARDS; AND

(2)     MAY NOT INCLUDE AN ASSESSMENT OR EVALUATION OF A COUNTY
BOARD'S EFFORTS TO MEET THE STANDARDS OF THE MARYLAND SCHOOL
PERFORMANCE PROGRAM.

(F) NOTHING IN THIS SECTION PREVENTS A COUNTY GOVERNING BODY AND
A COUNTY SCHOOL BOARD FROM MAKING AN AGREEMENT TO PERFORM OR
CONTRACT FOR A PERFORMANCE AUDIT OF SCHOOL BOARD FUNCTIONS,
INCLUDING AN AGREEMENT INVOLVING THE SCOPE OF THE PERFORMANCE AUDIT
OR THE RESPONSIBILITY FOR THE FUNDING OF THE PERFORMANCE AUDIT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996.

Approved April 30, 1996.

CHAPTER 89
(Senate Bill 8)

AN ACT concerning

Maryland Higher Education Tuition Trust Fund - Task Force on the Maryland Prepaid

Tuition Savings Program

FOR the purpose of establishing a method to provide for the prepayment of tuition at the
public institutions of higher education in the State; establishing the Maryland
Higher Education Tuition Trust Fund; clarifying the purpose of the Fund and the
types of funds of which the Fund shall be composed; establishing a Maryland Higher
Education Tuition Trust Fund Board; specifying the membership, appointment,
terms, and removal of members of the Board; establishing the powers and duties of
the Board; establishing administrative rules for the Board; authorizing the Board to
adopt regulations to carry out its responsibilities; requiring the Board to adopt a
certain investment plan for the Fund; exempting the Fund from certain laws;
requiring the Board to establish a program of prepaid tuition contracts for tuition at
public institutions of higher education in the State; specifying certain requirements
concerning prepaid tuition contracts; requiring the Board to provide for certain
changes in circumstances of beneficiaries and purchasers of prepaid tuition
contracts; prohibiting any legal attachment of contract benefits or assets of the
Fund; authorizing certain public agencies to provide for payroll deductions for
employees to purchase prepaid tuition contracts; requiring an annual audit of the
Fund; requiring the Board to report to the Governor and General Assembly
annually concerning the audit and certain matters concerning the Fund; requiring
the State to meet certain obligations in certain circumstances; establishing

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