(f) (1) The debts, contracts, and obligations of the Program are not the
contracts, debts, or obligations of the State and neither the faith and credit nor taxing
power of the State is pledged directly or indirectly or contingently, morally or
otherwise, to the payment of the debts, contracts, and obligations.

(2) The Board cannot directly or indirectly or contingently obligate,
morally or otherwise, the State to levy or pledge any form of taxation whatsoever for
the debts and obligations of the Program or to make any appropriation for the
payment of the debts and obligations of the Program.

18-1904.

(a) There is a Maryland Higher Education Investment Program Board.

(b) The Board consists of the following [seven ] NINE members:

(1) The Secretary of the Maryland Higher Education Commission;

(2) THE STATE SUPERINTENDENT OF SCHOOLS;
[(2)] (3) The State Treasurer;

[(3)] (4) The State Comptroller; and

[(4) Four] (5) FIVE members of the public who shall be appointed by the
Governor and shall have significant experience in finance, accounting, investment
management, or other areas that can be of assistance to the Board.

(c) Before taking office, each appointee to the Board shall take the oath
required by Article I, § 9 of the Maryland Constitution.

(d) (1) Except for the terms of the initial members of the Board, the term of
a public member of the Board is 4 years.

(2) The terms of the public members of the Board are staggered as
required by the terms of the members of the Board on October 1, 1998.

(3) At the end of a term, a public member continues to serve until a
successor is appointed and qualifies.

(4) A public member who is appointed after a term has begun serves only
for the remainder of the term and until a successor is appointed and qualifies.

(5) A public member is eligible for reappointment.

(e) The Governor may remove a public member for incompetence or
misconduct.

18-1909.

(a) The Board shall establish a program of higher education investment
contracts to [be known as] PROVIDE FOR THE ADVANCE PAYMENT OF TUITION AND
MANDATORY FEES AT:

(1) [The] A COMMUNITY college [plan];