instrumentalities, and political subdivisions, ensuring their access to the credit
markets, and may not constitute any payment by or on behalf of a [closed or
delicensed] CLOSED, DELICENSED, OR CONVERTED hospital. A hospital is not relieved
of its obligations with respect to the payment of public body obligations. The
Authority shall be subrogated to the rights of any holders or issuers of public body
obligations, as if the payment or provision for payment had not been made.

(L) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(II) "AFFILIATE" MEANS ANY ENTITY THAT DIRECTLY OR
INDIRECTLY, THROUGH ONE OR MORE INTERMEDIARIES, CONTROLS, IS
CONTROLLED BY, OR IS UNDER THE COMMON CONTROL WITH ANOTHER PERSON.

(III) "CONTROLS", "CONTROLLING", "CONTROLLED BY, OR "UNDER
COMMON CONTROL WITH" MEANS THE DIRECT OR INDIRECT POSSESSION OF THE
POWER TO DIRECT OR CAUSE THE DIRECTION OF THE MANAGEMENT AND POLICES
POLICIES OF A PERSON, THROUGH OWNERSHIP OF VOTING SECURITIES OR
MEMBERSHIP INTEREST OR OF SECURITIES, MEMBERSHIP INTEREST, OR
SECURITIES CONVERTIBLE INTO VOTING SECURITIES, BY CONTRACT OTHER THAN A
COMMERCIAL CONTRACT FOR GOODS OR NONMANAGEMENT SERVICES, OR
OTHERWISE, WHETHER OR NOT THE POWER IS EXERCISED OR SOUGHT TO BE
EXERCISED.

(IV) "VALUE" MEANS THE FAIR MARKET VALUE OF ANY PROPERTY
TRANSFERRED OR RETAINED OR SERVICES PROVIDED.

(2) NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE, THE
AMOUNT OF ANY PUBLIC BODY OBLIGATION THAT QUALIFIES FOR PAYMENT UNDER
THE MARYLAND HOSPITAL BOND PROGRAM ESTABLISHED UNDER SUBSECTION (A)(3)
OF THIS SECTION SHALL BE REDUCED BY THE SUM OF:

(I) THE EXCESS, IF ANY, OF THE TOTAL VALUE OF ALL PROPERTY
TRANSFERRED BY A CLOSED, DELICENSED, OR CONVERTED HOSPITAL TO ANY
AFFILIATE OR TO ANY PERSON OR ENTITY HAVING AN INTEREST IN THE FACILITY
AFTER THE CLOSURE, DELICENSURE, OR CONVERSION OF THE HOSPITAL OVER THE
TOTAL VALUE OF ALL PROPERTY TRANSFERRED AND ALL SERVICES PROVIDED TO
THE CLOSED, DELICENSED, OR CONVERTED HOSPITAL BY THE AFFILIATE OR OTHER
PERSON OR ENTITY; AND

(II) THE TOTAL VALUE OF ALL PROPERTY TO BE RETAINED BY THE
HOSPITAL OR ANY AFFILIATE FOLLOWING THE CLOSURE, DELICENSURE, OR
CONVERSION OTHER THAN THE PROPERTY TO BE APPLIED TO THE PAYMENT OF
CLOSURE COSTS APPROVED BY THE HEALTH SERVICES COST REVIEW COMMISSION.

(3) (I) THE AUTHORITY MAY DETERMINE THE VALUE OF ANY
PROPERTY OR SERVICES BASED UPON AN APPRAISAL MADE BY AN INDEPENDENT
PROFESSIONAL APPRAISER, THE REPORT OF AN INDEPENDENT CONSULTANT, OR
ANY OTHER METHOD DEEMED APPROPRIATE BY THE AUTHORITY.