|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S.B. 140
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
(2) SHALL BE VERIFIED BY THE REPORT OF THE INDEPENDENT
OUTSIDE AUDITOR REQUIRED UNDER § 18-1916 OF THIS SUBTITLE.
(D) (1) THE AMOUNT APPROPRIATED UNDER THIS SECTION SHALL BE
DEPOSITED INTO THE PROGRAM.
(2) ALL AMOUNTS PAID INTO THE PROGRAM UNDER THIS SECTION
SHALL CONSTITUTE AND BE ACCOUNTED FOR AS ADVANCES TO THE PROGRAM.
(3) SUBJECT TO THE RIGHTS OF THE PROGRAM'S CONTRACT HOLDERS,
AMOUNTS APPROPRIATED UNDER THIS SECTION SHALL BE REPAID TO THE STATE
WITHOUT INTEREST IN EQUAL AMOUNTS IN EACH OF THE NEXT 2 FISCAL YEARS
SUCCEEDING THE ONE FOR WHICH THE APPROPRIATION WAS MADE.
(4) IF THE APPROPRIATION IN THE STATE BUDGET AS ENACTED BY THE
GENERAL ASSEMBLY IS LESS THAN THE AMOUNT SPECIFIED UNDER SUBSECTION (B)
OF THIS SECTION, THE BOARD MAY ADJUST THE TERMS OF SUBSEQUENT OR
CURRENT HIGHER EDUCATION INVESTMENT PREPAID CONTRACTS TO ENSURE
CONTINUED ACTUARIAL SOUNDNESS OF THE PROGRAM.
18-1907.
(a) In this section, "fiduciary" means:
(1) A member of the Maryland Higher Education Investment [Program]
Board; or
(2) An employee of the Maryland [Higher Education Investment
Program] PREPAID COLLEGE TRUST who exercises any discretionary authority or
control over:
|
|
|
|
|
|
|
|
|
|
- 3621 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
