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Ch. 342
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2002 LAWS OF MARYLAND
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(6) (7) The identification of other relevant issues and possible
solutions that the Task Force determines are important to the success of the Prince
George's Hospital System.
(g) The Task Force shall report its findings and recommendations to the
Governor and the Prince George's County Executive on or before September 30, 2004.
SECTION 2. AND BE IT FURTHER ENACTED, That:
(a) (1) In this section the following words have the meanings indicated.
(2) "Acquisition" means:
(i) a sale, lease, transfer, merger, or joint venture that results in
the disposal of the assets of the Prince George's Hospital Center to a for profit
corporation or entity or to a mutual benefit corporation or entity when a substantial
or significant portion of the assets of the Prince George's Hospital System are
involved or will be involved in the agreement or transaction;
(ii) a public offering of stock; or
(iii) a conversion to a for profit entity.
(3) "State operating grant" means any funds appropriated to the
Department of Health and Mental Hygiene in the fiscal 2003 budget for the purpose
of assisting the Prince George's Hospital Center in achieving financial stability.
(b) If the Dimensions Health Corporation or the Prince George's Hospital
Center is subject to acquisition on or before July 1, 2003, the Secretary of Health and
Mental Hygiene shall require that the State operating grant, in whole or in part,
become immediately due and payable as a debt owed to the State.
(c) If the Dimensions Health Corporation or the Prince George's Hospital
Center is subject to a bankruptcy proceeding on or before July 1, 2003:
(1) the State operating grant may not be considered an asset of
Dimensions Health Care Corporation or the Prince George's Hospital Center for the
purposes of the bankruptcy proceeding; and
(2) the Secretary of Health and Mental Hygiene shall require that the
State operating grant, in whole or in part, become immediately due and payable as a
debt owed to the State.
(d) The Department of Health and Mental Hygiene may require, as a
condition of the disbursement of the State operating grant, the execution of any
instrument sufficient to protect the security interest of the State in the State
operating grant funds under this section.
(e) Upon the receipt of an application for the acquisition of Prince George's
Hospital Center, the Attorney General shall immediately notify the Secretary of
Health and Mental Hygiene and the Prince George's County Executive.
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- 2892 -
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