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Ch. 71
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2000 LAWS OF MARYLAND
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Approved April 25, 2000.
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CHAPTER 71
(Senate Bill 423)
AN ACT concerning
Hospital Bonds - Public Body Obligation Maryland Hospital Bond Program -
Study
FOR the purpose of providing that a public body obligation includes a bond or other
obligation issued on behalf of a hospital that voluntarily closed that is insured
by an effective municipal corporation insurance policy; and generally relating to
public body obligations for closed or delicensed hospitals requiring the Maryland
Health and Higher Education Facilities Authority and the Health Services Cost
Review Commission to conduct a certain study and to make a certain report by
a certain date.
BY repealing and reenacting, with amendments,
Article 43C—Maryland Health and Higher Educational Facilities Authority
Section 16A(b)
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: the Maryland Health and
Higher Education Facilities Authority and the Health Services Cost Review
Commission, in consultation with bond rating agencies, bond insurance companies,
the Maryland Hospital Association, and any other interested parties, shall study
changes to the Maryland Hospital Bond Program that will ensure access to affordable
capital for Maryland hospitals while providing for the orderly elimination of excess
hospital capacity in Maryland. On or before December 31, 2000, the Authority and the
Commission, in accordance with § 2-1246 of the State Government Article, shall
report any findings and recommendations to the General Assembly.
Article 43C—Maryland Health and Higher Educational Facilities Authority
16A.
(b) (1) In this section the following terms have the meanings indicated.
(2) "Closure costs" means the reasonable costs determined by the Health
Services Cost Review Commission to be incurred in connection with the closure,
delicensure, or conversion of a hospital, including expenses of operating the hospital,
payments to employees, employee benefits, fees of consultants, insurance, security
services, utilities, legal fees, capital costs; costs of terminating contracts with vendors,
suppliers of goods and services and others, debt service, contingencies and other
necessary or appropriate costs and expenses.
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