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PARRIS N. GLENDENING, Governor
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Ch. 18
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2. specifically direct the use of assets of the Trust; and
(4) Moneys expended from the Trust are supplemental to, and are not
intended to take the place of, State funds that would otherwise be appropriated by the
State for the improvement of the health care status of the residents of the State;
(b) (1) The Maryland Health Care Foundation shall be the Trustee of the
Trust; and
(2) The powers and duties of the Trust shall rest in and be exercised by
the Trustee;
(c) The powers and duties of the Trust shall be established and modified solely
by the General Assembly;
(d) The Trust consists of the public and charitable assets received by the
Maryland Health Care Foundation as a result of the acquisition of a nonprofit health
service plan or a nonprofit health maintenance organization, approved by the
Maryland Insurance Administration on or after June 1, 2001, in accordance with Title
6.5 of the State Government Article;
(e) The State Treasurer shall manage, invest, and reinvest the Trust in the
same manner as State funds are invested, provided, however, that the Trust shall be
held and accounted for separate and apart from the funds of the State;
(f) (1) Subject to item (2) of this subsection, any interest or other
investment earnings of the Trust shall be credited and paid into the Trust; and
(2) The Trustee shall grant to the Maryland Health Care Foundation any
interest and other investment earnings that accrue on the assets of the Trust before
July 1, 2002, not exceeding a total of $10,000,000; and
(g) (1) The Trustee shall make provision for a system of financial
accounting, controls, audits, and reports; and
(2) The Trustee shall report to the Governor, and, in accordance with §
2-1246 of the State Government Article, to the General Assembly on or before
December 1, 2001 and annually thereafter on the status of the assets of the Trust.
DRAFTER'S NOTE:
Error: Incorrect word usage in purpose paragraph of bill being cured.
Occurred: Chapter 701 (House Bill 1042) of the Acts of 2001.
SECTION 2. AND BE IT FURTHER ENACTED, That the Drafter's Notes
contained in this Act are not law and may not be considered to have been enacted as
part of this Act.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act is an emergency
measure, is necessary for the immediate preservation of the public health or safety,
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- 105 -
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