|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S.B. 140
|
|
|
|
|
|
VETOES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) The COMPREHENSIVE INVESTMENT plan shall provide for the Program to
be administered in an actuarially sound manner to assure that the Board may defray
obligations of the Program.
(h) The Board shall review the comprehensive investment plan at least
annually to assure that the Program remains actuarially sound.
[(i) After each annual review of the comprehensive investment plan for
actuarial soundness, the Board may adjust the terms of subsequent higher education
investment contracts to ensure continued actuarial soundness or, if necessary, may
adjust the terms of current higher education investment contracts.]
[(j)] (I) The Board may contract with an investment advisory or management
company for the investment and management of the Program as long as the Program
is administered in accordance with the comprehensive investment plan.
[(k)] (J) The Board:
(1) Shall preserve, invest, and expend the assets of the Program solely
for the purposes of this subtitle; and
(2) May not loan, transfer, or use the assets for any other purpose of the
State.
[(1)] (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
|
|
|
|
|
|
|
|
|
|
- 3620 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
