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Session Laws, 1999
Volume 796, Page 3879   View pdf image
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(h) (1) Within 60 days after receiving the written statement required by
subsection (f) of this section, the Authority shall prepare a schedule of payments
necessary to meet the public body obligations of the hospital.

(2) As soon as practicable after receipt of the notice of closure or
delicensure required by subsection (e) OF THIS SECTION and after consultation with
the issuer of each public body obligation and the Health Services Cost Review
Commission, the Authority shall prepare a proposed plan to finance, refinance or
otherwise provide for the payment of public body obligations. The proposed plan may
include any tender, redemption, advance refunding or other technique deemed
appropriate by the Authority.

(3) As soon as practicable after receipt of written notification that the
Health Services Cost Review Commission has determined to provide for the payment
of any closure costs of a hospital pursuant to subsection (g) of this section, the
Authority shall prepare a proposed plan to finance, refinance or otherwise provide for
the payment of the closure costs set forth in the notice.

(4) Upon the request of the Health Services Cost Review Commission,
the Authority may begin preparing the plan or plans required by this subsection
before:

(i) The final determination by the [Health Resources Planning
Commission] HEALTH CARE ACCESS AND COST COMMISSION to exempt a hospital
closure from the certificate of need requirement pursuant to [§ 19-115(1)] § 19-123(L)
of the Health - General Article;

(ii) Any final determination of delicensure by the Secretary of
Health and Mental Hygiene pursuant to § 19-325 of the Health - General Article; or

(iii) Any final determination by the Health Services Cost Review
Commission to provide for the payment of any closure costs of the hospital.

(5) The Authority shall promptly submit the schedule of payments and
the proposed plan or plans required by this subsection to the Health Services Cost
Review Commission.

(i) (1) The Authority may issue negotiable bonds or notes for the purpose of
financing, refinancing or otherwise providing for the payment of public body
obligations or any closure costs of a hospital in accordance with any plan developed
pursuant to subsection (h) of this section.

(2) The bonds or notes shall be payable from the fees provided pursuant
to subsection (j) of this section or from other sources as may be provided in the plan.

(3) The bonds or notes shall be authorized, sold, executed and delivered
as provided for in this article and shall have terms consistent with all existing
constitutional and legal requirements.

(4) In connection with the issuance of any bond or note, the Authority
may assign its rights under any loan, lease or other financing agreement between the
Authority or any other issuer of a public body obligation and the closed or delicensed

 

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Session Laws, 1999
Volume 796, Page 3879   View pdf image
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