Martin O'Malley, Governor

Ch. 3

SECTION 4. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Education

15-106.6.

(A)     (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)     "FUND" MEANS THE HIGHER EDUCATION INVESTMENT
FUND.

(3)     "TUITION" MEANS THE CHARGES AND FEES APPROVED BY
THE GOVERNING BOARD OF A PUBLIC SENIOR HIGHER EDUCATION INSTITUTION
WHICH ARE REQUIRED OF ALL UNDERGRADUATE RESIDENT STUDENTS BY THE
INSTITUTION AS A CONDITION OF ENROLLMENT REGARDLESS OF THE
STUDENT'S DEGREE PROGRAM, FIELD OF STUDY, OR SELECTED COURSES.

(B)     (1) THERE IS A HIGHER EDUCATION INVESTMENT FUND.

(2)     THE PURPOSE OF THE FUND IS TO:

(I) INVEST IN PUBLIC HIGHER EDUCATION AND

WORKFORCE DEVELOPMENT; AND

(II) KEEP TUITION AFFORDABLE FOR MARYLAND
STUDENTS AND FAMILIES.

(3)     THE FUND IS A SPECIAL, NONLAPSING FUND THAT IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.

(4)     THE TREASURER SHALL HOLD THE FUND AND THE
COMPTROLLER SHALL ACCOUNT FOR THE FUND.

(5)     THE PROCEEDS OF THE FUND SHALL BE INVESTED AND
REINVESTED.

(6)     ANY INVESTMENT EARNINGS SHALL BE PAID INTO THE FUND.
(7) THE FUND CONSISTS OF:

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