ROBERT L. EHRLICH, JR., Governor

Ch. 384

(i) one-fourth of an amount, not exceeding 1.2% of the market
value as of the last day of the preceding quarter of assets externally invested in real
estate or alternative investments, necessary for external real estate or alternative
investment management services; and

(ii) one-fourth of an amount, not exceeding 0.3% of the market
value as of the last day of the preceding quarter of invested assets that are externally
managed exclusive of assets invested in real estate or alternative investments,
necessary to procure and retain investment management services other than external
real estate or alternative investment management services.

(2) In addition to the amount estimated in paragraph (1)(i) of this
subsection, any previously estimated amount that has not been paid to an external
real estate or alternative investment management service by the last day of each
quarter shall be carried over into the next quarter and added to the new estimate.

(e)     (1) THE AMOUNTS ESTIMATED UNDER SUBSECTION (C) OF THIS
SECTION SHALL BE PAID INTO THE EXPENSE FUNDS OF THE SEVERAL SYSTEMS
DURING THE ENSUING YEAR ON A PRO RATA BASIS ACCORDING TO THE TOTAL
MEMBERSHIP OF EACH SYSTEM.

(2) The amounts estimated under [subsections (c) and (d)] SUBSECTION
(D) of this section shall be paid into the expense funds of the several systems during
the ensuing year on a pro rata basis according to the total assets held by each system.

(f)      The Board of Trustees may combine the expense funds of the several
systems for budgetary and administrative efficiency.

(g)     On or before December 31 of each year, the Board of Trustees shall report
to the General Assembly the actual amount spent for investment management
services during the preceding fiscal year.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2004.

Approved May 11, 2004.

CHAPTER 384
(House Bill 897)

AN ACT concerning

Talbot County - Hotel Rental Tax Rate

FOR the purpose of altering the maximum hotel rental tax rate in Talbot County in
certain fiscal years; providing for a delayed effective date; and generally relating
to altering the maximum hotel rental tax rate in Talbot County.

BY repealing and reenacting, with amendments,

Article 24 - Political Subdivisions - Miscellaneous Provisions

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