|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 494
|
|
|
|
|
|
2000 LAWS OP MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[(l)] (K) The Program is not subject to § 7-302 of the State Finance and
Procurement Article.
[(m)] (L) Unless the Board provides otherwise by regulation, the Board shall
use the proceeds in the Program in the following order:
(1) To pay eligible institutions of higher education in accordance with the
Board's obligations under [advance payment] PREPAID contracts;
(2) To refund money on the termination of [advance payment] PREPAID
contracts; and
(3) To pay the operating expenses of the Board.
(M) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, IF
THE BOARD DETERMINES AFTER AN ANNUAL REVIEW THAT THE FAIR MARKET
VALUE OF THE PROGRAM ASSETS EXCEEDS THE AMOUNT NECESSARY TO SATISFY
ALL SCHEDULED PAYMENTS CURRENTLY DUE OR SCHEDULED TO BECOME DUE
UNDER ALL PREPAID CONTRACTS BY 30% OR MORE, THE BOARD MAY PROVIDE FOR A
REBATE FROM THE EXCESS TO OWNERS PURCHASERS OF EXISTING PREPAID
CONTRACTS IN AN AMOUNT TO BE DETERMINED BY THE BOARD.
(2) THE BOARD MAY NOT REBATE ANY AMOUNT TO OWNERS
PURCHASERS IF, WITHIN THE 5 YEARS IMMEDIATELY PRECEDING THE PROPOSED
REBATE:
(I) THE BOARD HAS REQUESTED AN APPROPRIATION UNDER §
18-1906.1 OF THIS SUBTITLE; OR
(II) THE PROGRAM HAS FAILED TO REPAY TO THE STATE ANY
APPROPRIATION UNDER § 18-1906.1 OF THIS SUBTITLE.
18-1906.1.
(A) IF THE CURRENT PREPAID CONTRACT OBLIGATIONS OF THE PROGRAM
EXCEED THE MARKET VALUE OF PROGRAM ASSETS, AT THE REQUEST OF THE BOARD
THE GOVERNOR SHALL INCLUDE IN THE ANNUAL BUDGET BILL SUBMITTED TO THE
GENERAL ASSEMBLY AN APPROPRIATION IN THE AMOUNT DETERMINED UNDER
SUBSECTION (B) OF THIS SECTION.
(B) THE APPROPRIATION TO BE INCLUDED IN THE BUDGET BILL UNDER
SUBSECTION (A) OF THIS SECTION SHALL EQUAL THE DIFFERENCE BETWEEN THE
CURRENT PREPAID CONTRACT OBLIGATIONS AND THE FAIR MARKET VALUE OF
PROGRAM ASSETS.
(C) FOR PURPOSES OF THIS SECTION, THE CURRENT PREPAID CONTRACT
OBLIGATIONS AND THE FAIR MARKET VALUE OF PROGRAM ASSETS:
(1) SHALL BE DETERMINED AS OF JUNE 30 OF THE CALENDAR YEAR
THAT ENDED BEFORE THE BEGINNING OF THE FISCAL YEAR FOR WHICH THE
APPROPRIATION IS REQUESTED; AND
|
|
|
|
|
|
|
|
|
|
- 2634 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
