ROBERT L. EHRLICH, JR., Governor                          H.B. 1179

1.   THE PAYMENT OF THE PROCEEDS OF THE SALE OF THE
BONDS AND THE REVENUES OF THE CORPORATION TO AN OFFICER, BOARD, OR
DEPOSITORY THAT THE CORPORATION DETERMINES FOR THEIR CUSTODY; AND

2.   THE METHOD OF DISBURSEMENT, WITH SAFEGUARDS
AND RESTRICTIONS THAT THE CORPORATION DETERMINES.

(III) ALL EXPENSES INCURRED IN CARRYING OUT ANY TRUST
INDENTURE MAY BE TREATED AS A PART OF THE COST OF OPERATION OF THE
CORPORATION.

13-611.

(A) THE STATE TREASURER MAY ADVANCE TO THE CORPORATION AN
AMOUNT NOT EXCEEDING $250,000 FOR THE INITIAL EXPENSES OF THE
CORPORATION.

(B) THE CORPORATION SHALL REPAY THE ADVANCE OUT OF THE FIRST
MONEYS AVAILABLE TO THE CORPORATION FROM ITS REVENUES.

(C) THE REPAYMENT SHALL BE MADE AT A RATE OF INTEREST THAT IS
CONSISTENT WITH SIMILAR STATE INVESTMENTS.

13-612. 13-511.

THE BOOKS AND RECORDS OF THE CORPORATION ARE SUBJECT TO AUDIT:

(1)      BY THE STATE AT ITS DISCRETION; AND

(2)      EACH YEAR BY AN INDEPENDENT AUDITOR APPROVED BY THE
OFFICE OF LEGISLATIVE AUDITS.

13-613. 13-512.

(A)     WITHIN 90 DAYS AFTER THE START OF EACH FISCAL YEAR, THE
CORPORATION SHALL REPORT ON ITS STATUS TO THE GOVERNOR, THE MARYLAND
AGRICULTURAL COMMISSION, THE MARYLAND ECONOMIC DEVELOPMENT
COMMISSION, AND SUBJECT TO § 2-1246 OF THE STATE GOVERNMENT ARTICLE, TO
THE GENERAL ASSEMBLY.

(B)     THE REPORT SHALL STATE THE COMPLETE OPERATING AND FINANCIAL
STATEMENT COVERING THE CORPORATION'S OPERATIONS AND SUMMARIZE THE
CORPORATION'S ACTIVITIES DURING THE PRECEDING FISCAL YEAR

13-614. 13-513.

(A) THE CORPORATION IS EXEMPT FROM:

(1)      STATE AND LOCAL TAXES;

(2)      TITLE 10 AND DIVISION II OF THE STATE FINANCE AND
PROCUREMENT ARTICLE;

(3)      LAWS GOVERNING THE STATE PERSONNEL MANAGEMENT SYSTEM
UNDER DIVISION I OF THE STATE PERSONNEL AND PENSIONS ARTICLE;

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