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PARRIS N. GLENDENING, Governor
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Ch. 305
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(c) The [Bond Insurance] INDUSTRIAL DEVELOPMENT Fund shall be used:
(1) For the purposes described in [§ 5-929] §§ 5-916, 5-918, 5-927, AND
5-928 of this subtitle; and
(2) To pay any and all expenses of the Authority, including, by way of
example:
(i) Any and all expenses for administrative, legal, actuarial, and
other services; [and]
(ii) All costs, charges, fees, and expenses of the Authority related to
the authorizing, preparing, printing, selling, issuing, and insuring of bonds AND
AUTHORIZED PURPOSE OBLIGATIONS (including, by way of example, bonds OR
AUTHORIZED PURPOSE OBLIGATIONS, the proceeds of which are used to refinance or
refund outstanding bonds OR AUTHORIZED PURPOSE OBLIGATIONS), and the funding
of reserves; AND
(III) ALL COSTS OF PROVIDING ANY OTHER FINANCIAL ASSISTANCE
AUTHORIZED UNDER THIS SUBTITLE.
(d) Moneys in the [Bond Insurance] INDUSTRIAL DEVELOPMENT Fund, to the
extent that such moneys exceed the amount that the Authority considers necessary to
meet its current expenses and obligations, shall be deposited with the State Treasurer
and invested and reinvested in the same manner as other State funds, and any
investment earnings shall be paid into the [Bond Insurance] INDUSTRIAL
DEVELOPMENT Fund. Any net earnings of the [Bond Insurance] INDUSTRIAL
DEVELOPMENT Fund, beyond those necessary to further or implement the purposes
of this subtitle, may not inure to the benefit of any person other than the State.
(e) If the Authority and the Secretary find that more money is needed to keep
the reserves of the [Bond Insurance] INDUSTRIAL DEVELOPMENT Fund at an
adequate level, the Authority, with the consent of the Secretary, shall send a written
request to the Board of Public Works for additional money. The Board of Public Works
may pay the requested amount from its emergency fund.
(f) If at any time the amount of money credited to the [Bond Insurance]
INDUSTRIAL DEVELOPMENT Fund exceeds the amount that the Authority considers
necessary to meet its obligations under this subtitle, and to meet the requirements of
this subtitle, the Authority may determine, with the consent of the Secretary, to[:
(1) Deposit the excess moneys into the Authorized Purpose Insurance
Fund to be used for the purposes described in § 5-915(c) of this subtitle;
(2) Deposit the excess moneys into the Maryland Seafood and
Aquaculture Loan Fund to be used for the purposes described in § 5-919(a) of this
subtitle; or
(3) Pay] PAY the excess moneys to the State Treasurer.
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- 1795 -
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