PARRIS N. GLENDENING, Governor

Ch. Ill

(5) ENTER INTO AGREEMENTS WITH ELIGIBLE INSTITUTIONS OF
HIGHER EDUCATION AND OTHER PUBLIC OR PRIVATE ENTITIES FOR THE
PROMOTION, ADMINISTRATION, OR MARKETING OF THE PROGRAM;

(6) INVEST FUNDS NOT REQUIRED FOR IMMEDIATE DISBURSEMENT;

(7) SOLICIT AND ACCEPT GIFTS, GRANTS, LOANS, OR OTHER AID FROM
ANY SOURCE OR PARTICIPATE IN ANY GOVERNMENT PROGRAM FOR PURPOSES
CONSISTENT WITH THIS SUBTITLE;

(8) SUBJECT TO THE REVIEW OF THE GENERAL ASSEMBLY, IMPOSE AND
COLLECT REASONABLE ADMINISTRATIVE FEES FOR ANY TRANSACTIONS
INVOLVING PREPAID TUITION HIGHER EDUCATION INVESTMENT CONTRACTS OR
TRANSACTIONS AFFECTING THE PROGRAM;

(9) PROCURE INSURANCE AGAINST ANY LOSS OF ASSETS OF THE
PROGRAM;

(10) ENDORSE INSURANCE COVERAGE WRITTEN EXCLUSIVELY FOR THE
PURPOSE OF PROTECTING A PREPAID TUITION HIGHER EDUCATION INVESTMENT
CONTRACT AND THE PURCHASER AND QUALIFIED BENEFICIARY OF THE
CONTRACT;

(11) DESIGNATE TERMS UNDER WHICH MONEY MAY BE WITHDRAWN
FROM THE PROGRAM;

(12) ESTABLISH ADDITIONAL PROCEDURAL AND SUBSTANTIVE
REQUIREMENTS FOR PARTICIPATION IN AND THE ADMINISTRATION OR
MARKETING OF THE PROGRAM;

(13) APPEAR ON THE BOARD'S OWN BEHALF BEFORE OTHER BOARDS,
COMMISSIONS, OR OTHER GOVERNMENTAL AGENCIES; AND

(14) TAKE ANY OTHER ACTION THAT THE BOARD CONSIDERS
APPROPRIATE TO IMPLEMENT AND ADMINISTER THE PROGRAM.

18-1906.

(A) THE BOARD SHALL ADOPT A COMPREHENSIVE INVESTMENT PLAN FOR
THE ADMINISTRATION OF THE PROGRAM.

(B) THE PLAN SHALL SPECIFY THE INVESTMENT POLICIES USED BY THE
BOARD IN THE ADMINISTRATION OF THE PROGRAM.

(C) ASSETS OF THE PROGRAM SHALL BE INVESTED IN ACCORDANCE WITH
THE COMPREHENSIVE INVESTMENT PLAN.

(D) THE COMPREHENSIVE INVESTMENT PLAN MUST INDICATE THE
PERCENTAGE OF ASSETS THAT SHALL BE HELD IN EACH CLASS OF INVESTMENT,
THE AMOUNT OF FUNDS HELD IN ANY CASH POOL, THE AMOUNT OF FUNDS HELD IN
FIXED ASSETS INVESTMENTS, THE AMOUNT OF FUNDS HELD IN EQUITY
INVESTMENTS, AND THE PERCENTAGE AND DOLLAR VALUE OF ASSETS PLACED
WITH OUTSIDE MANAGERS.

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