H.B. 1071

VETOES

THE UNITED STATES TO PROTECT THE FUNDS AND SECURITIES OF THE
FOUNDATION IN AMOUNTS AND UNDER ARRANGEMENTS ACCEPTABLE TO THE
FOUNDATION.

(B)     AFTER BEING DEPOSITED IN ACCORDANCE WITH SUBSECTION (A) OF
THIS SECTION, ANY MONEY OF THE FOUNDATION, IN THE DISCRETION OF THE
BOARD OF TRUSTEES AND UNLESS OTHERWISE PROVIDED IN ANY AGREEMENT OR
COVENANT BETWEEN THE FOUNDATION 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, THE STATE, OR THE POLITICAL
SUBDIVISIONS OR UNITS OF THE STATE.

(C)     THE FOUNDATION SHALL PROVIDE FOR A SYSTEM OF FINANCIAL
ACCOUNTING, CONTROLS, AUDITS, AND REPORTS.

(D)     THE BOOKS, RECORDS, AND ACCOUNTS OF THE FOUNDATION ARE
SUBJECT TO AUDIT BY THE STATE

20-510.

(A)     EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, IN
EXERCISING ITS POWERS, THE FOUNDATION:

(1)      IS EXEMPT FROM THE PROVISIONS OF THE STATE FINANCE AND
PROCUREMENT ARTICLE, THE PROVISIONS OF DIVISION I OF THE STATE PERSONNEL
AND PENSIONS ARTICLE THAT GOVERN THE STATE PERSONNEL MANAGEMENT
SYSTEM, THE PROVISIONS OF DIVISION II AND TITLE 37 OF THE STATE PERSONNEL
AND PENSIONS ARTICLE, AND THE PROVISIONS OF ARTICLE 78A OF THE CODE; AND

(2)      MAY CARRY OUT ITS CORPORATE PURPOSES WITHOUT OBTAINING
THE CONSENT OF ANY DEPARTMENT, BOARD. OR AGENCY OF THE STATE.

(B)     THE FOUNDATION IS SUBJECT TO THE PROVISIONS OF THE STATE
FINANCE AND PROCUREMENT ARTICLE TO THE EXTENT OF STATE
APPROPRIATIONS, IF ANY.

SECTION 2. AND BE IT FURTHER ENACTED, That the terms of the initial
members of the Board of Trustees shall expire as follows:

(1)     Six members in 2001;

(2)      Four members in 2000; and

(3)     Four members in 1999.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

May 22, 1997

The Honorable Casper R. Taylor, Jr.
Speaker of the House

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