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PARRIS N. GLENDENING, Governor
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Ch. 150
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(d) A provider may apply toward the reserve required by this section any
reserves, other than debt service reserves, maintained under applicable financing
document requirements if the reserves are available to the provider to meet the
facility's operating expenses.
(e) For the purpose of calculating the provider's operating reserves,
investments held to the credit of the reserves shall be calculated at their market
value as of the end of the provider's most recent fiscal year for which a certified
financial statement is available.
(f) The provider shall notify the Department in writing simultaneously with
drawing any amount from the funds available to satisfy the operating reserve .that is
required by subsection (b) of this section. Within 30 days of such draw, the provider
shall submit to the Department a written plan for restoring the funds in the reserve
to the level required by subsection (b) of this section.
(g) (1) [Any provider that holds a certificate of registration or a preliminary
certificate of registration or approval of its feasibility study on October 1, 1996] A
PROVIDER shall have up to 10 full fiscal years after THE LATER OF October 1, 1996 OR
THE DATE OF ITS INITIAL CERTIFICATE to meet the requirement of subsection (b) of
this section.
(2) [Any such] A provider shall meet the requirement of subsection (b) of
this section at a minimum rate of 10% per year as of the end of each fiscal year after
THE LATER OF October 1, 1996 OR THE DATE OF ITS INITIAL CERTIFICATE, up to a
total of 100% as of the end of the 10th fiscal year.
(3) The Department may allow any such provider to modify the
minimum rate or authorize an additional amount of time to meet the requirement of
subsection (b) of this section, if the modification is necessary to maintain the financial
viability of the facility.
[(h) (1) Except as provided under paragraph (2) of this subsection, a provider
that does not by October 1, 1996 hold a certificate of registration or a preliminary
certificate of registration or receive approval by the Department of the provider's
feasibility study must meet the requirements of subsection (b) of this section from the
end of the second full fiscal year after the fiscal year in which the provider may
obtain, under § 11(c) of this subtitle, the use of funds held in escrow.
(2) For the time specified in paragraph (3) of this subsection, a provider
that does not by October 1, 1996 hold a certificate of registration or a preliminary
certificate of registration or receive approval of the Department of the provider's
feasibility study is exempt from the requirements of subsection (b) of this section if
the provider has a binding agreement with a financial institution, as defined in §
1-101 of the Financial Institutions Article, that unconditionally obligates the
financial institution to furnish the provider credit in an amount at least equal to the
amount required in subsection (b) of this section.
(3) A provider meeting the requirements of paragraph (2) of this
subsection is exempt from the requirements of subsection (b) of this section until the
earlier of:
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- 1493 -
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