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S.B. 140
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VETOES
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(II) THE ASSETS ASSOCIATED WITH EACH PORTFOLIO ARE
ACCOUNTED FOR SEPARATELY FROM THE OTHER ASSETS OF THE PLAN.
18-19A-04.
(A) A MARYLAND RESIDENT OR A NONRESIDENT OF MARYLAND MAY
PARTICIPATE IN AND BENEFIT FROM THE PLAN.
(B) DISTRIBUTIONS FROM THE PLAN MAY BE USED ONLY FOR QUALIFIED
EDUCATIONAL HIGHER EDUCATION EXPENSES.
(C) REFUNDS SHALL BE DISBURSED TO THE CONTRIBUTOR OF THE
INVESTMENT ACCOUNT.
18-19A-05.
(A) (1) THE DEBTS, CONTRACTS, AND OBLIGATIONS OF THE MARYLAND
COLLEGE INVESTMENT PLAN ARE NOT THE CONTRACTS, DEBTS, OR OBLIGATIONS OF
THE STATE AND NEITHER THE FAITH AND CREDIT NOR TAXING POWER OF THE
STATE IS PLEDGED DIRECTLY OR INDIRECTLY OR CONTINGENTLY, MORALLY OR
OTHERWISE, TO THE PAYMENT OF THE DEBTS, CONTRACTS, AND OBLIGATIONS.
(2) THE BOARD CANNOT DIRECTLY OR INDIRECTLY OR CONTINGENTLY
OBLIGATE, MORALLY OR OTHERWISE, THE STATE TO LEVY OR PLEDGE ANY FORM OF
TAXATION WHATSOEVER FOR THE DEBTS AND OBLIGATIONS OF THE MARYLAND
COLLEGE INVESTMENT PLAN OR TO MAKE ANY APPROPRIATION FOR THE PAYMENT
OF THE DEBTS AND OBLIGATIONS OF THE PLAN.
(B) NEITHER THE STATE NOR ANY ELIGIBLE EDUCATIONAL INSTITUTION
SHALL BE LIABLE FOR ANY LOSSES OR SHORTAGE OF FUNDS IN THE EVENT THAT
THE CONTRIBUTOR'S COLLEGE INVESTMENT PLAN ACCOUNT BALANCE IS
INSUFFICIENT TO MEET THE TUITION REQUIREMENTS OF AN INSTITUTION
ATTENDED BY THE QUALIFIED DESIGNATED BENEFICIARY.
(C) MONEYS OF THE PLAN MAY NOT BE CONSIDERED MONEYS OF THE STATE
OR DEPOSITED IN THE STATE TREASURY.
(D) MONEYS OF THE PLAN MAY NOT BE CONSIDERED MONEYS OF OR
COMMINGLED WITH THE MARYLAND PREPAID COLLEGE TRUST AND MAY NOT BE
COMMINGLED WITH THE MARYLAND PREPAID COLLEGE TRUST.
18-19A-06.
THE ASSETS AND INCOME OF THE MARYLAND COLLEGE INVESTMENT PLAN
ARE EXEMPT FROM STATE AND LOCAL TAXATION.
18-19A-07.
(A) (1) THE LEGISLATIVE AUDITOR SHALL AUDIT THE PLAN AS PROVIDED
UNDER TITLE 2, SUBTITLE 12 OF THE STATE GOVERNMENT ARTICLE.
(2) THE BOARD SHALL OBTAIN AN ANNUAL AUDIT REPORT FROM
SERVICE PROVIDERS.
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- 3630 -
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