reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part II - Maryland Health and Higher Educational Facilities Authority › Section 10-320 - Termination

(a)    A law to terminate the Authority may not take effect until adequate provision is made to pay each outstanding bond and other obligation of the Authority.
(b)    On termination of the Authority, its rights and property pass to the State.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-324 - Trust Agreement

(a)    The Authority may secure bonds by a trust agreement.
(b)    The corporate trustee under a trust agreement may be a trust company or a bank that has the powers of a trust company in or outside the State.
(c)    In addition to the provisions described in § 10–323(h) of this subtitle, the trust agreement may contain:
(1)    either:
(i)    a provision conveying or mortgaging all or a portion of the project; or
(ii)    a provision creating a collateral account;
(2)    other provisions that the Authority considers reasonable and proper for the security of bondholders; and
(3)    a provision that restricts the individual right of action by bondholders.
(d)    An expense incurred in carrying out the trust agreement or a resolution may be treated as part of the cost of the operation of a project.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-325 - Legal Investments

Bonds are securities:
(1)    in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:
(i)    an officer or unit of the State or a political subdivision;
(ii)    a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;
(iii)    an insurance company, insurance association, or other person conducting an insurance business;
(iv)    a personal representative, guardian, trustee, or other fiduciary; and
(v)    any other person; and
(2)    that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or obligations of the State is authorized by law.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-326 - Liability; Full Faith and Credit

(a)    A bond:
(1)    is not a debt, liability, or a pledge of the faith and credit of the State or a political subdivision of the State; and
(2)    is payable solely from money available in accordance with this subtitle.
(b)    Each bond shall state on its face that:
(1)    the State and its political subdivisions are not obliged to pay the bond or the interest on the bond except from revenues of the project or the portion of the project for which the bond is issued; and
(2)    the faith, credit, and taxing power of the State and its political subdivisions are not pledged to pay the principal of or the interest on the bond.
(c)    The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:
(1)    to levy or pledge a tax to pay the bonds; or
(2)    to make an appropriation to pay the bonds.
(d)    This section does not prevent the Authority or a participating institution from pledging its full faith and credit to pay bonds.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-327 - Rates, Rents, Fees and Charges

(a)    The Authority may:
(1)    fix and collect rates, rents, fees, and charges for the use of a project and for the services furnished or to be furnished by a project; and
(2)    contract with a person or governmental entity to exercise its authority under this section.
(b)    The rates, rents, fees, and charges established by the Authority under this section shall be fixed and adjusted so that the aggregate amount of the rates, rents, fees, and charges from the project, when added to other available money, is sufficient to:
(1)    pay for maintaining, repairing, and operating the project;
(2)    pay the principal of and the interest on the bonds that the Authority issued for the project as they become due and payable; and
(3)    create and maintain reserves required or provided for in a trust agreement.
(c)    The rates, rents, fees, and charges established by the Authority under this section are not subject to supervision or regulation by any unit of the State other than the Authority.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-328 - Sinking Fund -- Established

(a)    (1)    The Authority shall set aside a sufficient amount of the revenues derived from a project in a sinking fund or other similar fund at regular intervals to the extent required in the trust agreement.
(2)    The sinking fund is pledged to pay:
(i)    the principal of and the interest on the bonds as they become due; and
(ii)    the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement.
(3)    To the extent provided in the trust agreement, the Authority may exclude from the amount to be deposited in the sinking fund the revenues that may be necessary:
(i)    to pay for project maintenance, repair, and operation;
(ii)    for reserves; and
(iii)    for improvements to the project.
(b)    (1)    The pledge of revenues under subsection (a) of this section is valid and binding from the time the pledge is made.
(2)    (i)    The rates, rents, charges, fees, and other revenue or money that the Authority pledges and receives are subject immediately to the lien of the pledge.
(ii)    Neither physical delivery of the rates, rents, charges, fees, and other revenue or money nor any other act is required to validate the lien.
(3)    The lien of the pledge is valid and binding against each party with a claim against the Authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
(c)    The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the Authority.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-329 - Sinking Fund -- Nature and Application

A sinking fund:
(1)    may be held:
(i)    for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond;
(ii)    for a particular project and for the bonds issued for that project; and
(iii)    for bonds having a lien subordinate to the lien securing other bonds; and
(2)    shall be subject to the trust agreement.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-330 - Use of Bond Proceeds and Revenues

(a)    Proceeds from the sale of bonds and other revenues received under this subtitle are trust funds to be held and applied solely as provided in this subtitle.
(b)    (1)    Each officer, bank, or trust company that receives money from the Authority under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle.
(2)    The officer, bank, or trust company holding money is subject to:
(i)    any regulation adopted under this subtitle; and
(ii)    the trust agreement securing the bonds.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-331 - Refunding Bonds -- in General

(a)    (1)    The Authority may issue bonds to refund outstanding bonds of the Authority, including paying:
(i)    any redemption premium;
(ii)    interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii)    if considered advisable by the Authority, any part of the cost of acquiring or improving a project.
(2)    Refunding bonds may be issued for any corporate purpose, including:
(i)    realizing savings in the effective costs of debt service, directly or through a debt restructuring; or
(ii)    alleviating a potential or actual default.
(b)    A refunding bond that the Authority issues under this section shall be issued in the same manner and is subject to this subtitle to the same extent as any other bond.
(c)    (1)    The Authority may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
(2)    (i)    In addition to other sources of payment that the Authority determines, refunding bonds may be payable from escrowed bond proceeds and earnings and profits on investments.
(ii)    Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-332 - Refunding Bonds -- Application of Bond Proceeds

(a)    The Authority may apply the proceeds of refunding bonds to the purchase, retirement at maturity, or redemption of outstanding bonds on the earliest or a subsequent redemption date for those bonds.
(b)    The Authority may place proceeds of refunding bonds in escrow before applying the proceeds to refund bonds.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-333 - Refunding Bonds -- Investment or Reinvestment in United States Obligations

(a)    Pending their use in accordance with this subtitle, proceeds of bonds issued under § 10-331 of this subtitle may be invested in:
(1)    obligations of or guaranteed by the United States; or
(2)    certificates of deposit or time deposits secured by obligations of or guaranteed by the United States.
(b)    (1)    Bond proceeds placed in escrow under subsection (a) of this section shall mature at such time or times as the Authority considers appropriate to assure the prompt payment of principal, interest, and redemption premium, if any, on the bonds that are to be refunded.
(2)    The instruments in which the Authority invests proceeds of bonds issued for all or part of the cost of improvement or acquisition of a project shall mature soon enough to pay the cost of the improvement or acquisition.
(c)    (1)    The Authority may apply the interest, income, and profit from the investments described in subsection (a) of this section:
(i)    to pay the bonds that are to be refunded; or
(ii)    to pay the costs of acquiring or improving a project.
(2)    After the terms of escrow are satisfied, the balance of the refunding bond proceeds, interest, income, and profit, if any, may be returned to the Authority for use by it in any lawful manner.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-334 - Bond Anticipation Notes

(a)    The Authority may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.
(b)    Bond anticipation notes issued under this section shall be issued in the same manner as bonds.
(c)    Bond anticipation notes issued under this section and the resolution authorizing them may contain any provisions, conditions, or limitations that may be included in a trust agreement.
(d)    The Authority may issue bond anticipation notes to pay any other bond anticipation notes.
(e)    Bond anticipation notes shall be paid from:
(1)    revenues of the Authority;
(2)    money available and not otherwise pledged; or
(3)    the proceeds of the sale of the bonds in anticipation of which the notes were issued.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-335 - Title Conveyance; Release of Security

(a)    The Authority shall convey title to a project and release collateral in accordance with this section when the following conditions are met:
(1)    (i)    the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or
(ii)    adequate provision has been made to fully pay and retire the bonds;
(2)    all other conditions of the trust agreement have been satisfied; and
(3)    the lien of the trust agreement has been released.
(b)    On satisfaction of the conditions under subsection (a) of this section, the Authority promptly shall execute any deeds, conveyances, releases, and documents and take any other action necessary to convey title to the project to the participating institution and release collateral free of all liens and encumbrances created through the Authority.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-336 - Enforcement Authority

(a)    A bondholder, a holder of any coupons attached to bonds, or a trustee under a trust agreement securing the bonds may sue to:
(1)    protect and enforce rights under the laws of the State or a trust agreement; and
(2)    enforce and compel the performance of duties by the Authority or its officer, employee, or agent that this subtitle or a trust agreement requires, including fixing and collecting rates, rents, fees, and charges that the trust agreement requires to be fixed and collected.
(b)    The rights under this section are subject to any trust agreement.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part III - Bonds › Section 10-337 - Tax Status

(a)    The Authority, its agent, or its lessee is not required to pay a tax or assessment on:
(1)    a project or property that it acquires or uses under this subtitle; or
(2)    the income from that project or property.
(b)    The principal of and interest on bonds, the transfer of bonds, and any income derived from the bonds, including profits made in their sale or transfer, are forever exempt from all State and local taxes.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-340 - Definitions

(a)    In this part the following words have the meanings indicated.
(b)    “Affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.
(c)    (1)    “Closure cost” means costs incurred in connection with the closure or delicensing of a hospital.
(2)    “Closure cost” includes expenses of operating a hospital, payments to employees, employee benefits, fees of consultants, insurance, security services, utilities, legal fees, capital costs, costs of terminating contracts with vendors, suppliers of goods and services and others, debt service, contingencies, and other necessary or appropriate costs and expenses.
(d)    “Control” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person through equity interest, membership interest, or contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.
(e)    “Hospital” means an institution defined as a hospital under § 19–301 of the Health – General Article and that is licensed as a hospital by the Secretary of Health under § 19–318 of the Health – General Article.
(f)    “Program” means the Maryland Hospital Bond Program under this part.
(g)    (1)    “Public obligation” means a bond, note, evidence of indebtedness, or other obligation, to repay borrowed money issued by the Authority, the State, a unit, instrumentality, or public corporation of the State, a governmental entity described in § 19–205(a) of the Local Government Article, a county, or a municipal corporation.
(2)    “Public obligation” does not include an obligation, or portion of an obligation, if:
(i)    the principal of and interest on the obligation or the portion of the obligation is:
1.    insured by an effective municipal bond insurance policy; and
2.    issued on behalf of a hospital that voluntarily closed in accordance with § 19–120(l) of the Health – General Article; and
(ii)    the proceeds of the obligation or the portion of the obligation are used to finance wholly or partly:
1.    a facility or part of a facility that is used primarily to provide outpatient services at a location other than the hospital; or
2.    a facility or part of a facility that is used primarily by physicians who are not employees of the hospital to provide services to nonhospital patients.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-341 - Scope of Part

This part applies to:
(1)    the closure of a hospital under § 19-120(l) of the Health - General Article; and
(2)    the delicensure of a hospital under § 19-325 of the Health - General Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-342 - Legislative Finding; Purpose; Intent

(a)    The General Assembly finds that the failure to provide for the payment of public obligations of a closed or delicensed hospital could seriously impair the ability of health care facilities and State and local governments to secure subsequent financing through the issuance of tax-exempt bonds.
(b)    The purpose of this part is to preserve the access of health care facilities in the State to adequate financing through a program that facilitates the refinancing and payment of public obligations of a closed or delicensed hospital.
(c)    It is the intent of this part that the Health Services Cost Review Commission, the Maryland Health Care Commission, and the Authority shall consult with and consider each others’ recommendations in making the determinations required under this part.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-343 - Maryland Hospital Bond Program

(a)    There is a Maryland Hospital Bond Program in the Authority.
(b)    For public obligations issued on behalf of a hospital before October 1, 2008, the Program shall provide for the payment and refinancing of public obligations of a hospital, if:
(1)    (i)    the closure of the hospital is in accordance with § 19–120(l) of the Health – General Article; or
(ii)    the delicensure of the hospital is in accordance with § 19–325 of the Health – General Article;
(2)    a public obligation issued on behalf of the hospital is outstanding; and
(3)    the hospital plan for closure or delicensure and the related financing plan is acceptable to:
(i)    the Secretary of Health, in consultation with the Maryland Health Care Commission; and
(ii)    the Authority.
(c)    For public obligations issued on behalf of a hospital on or after October 1, 2008, the Program shall provide for the payment and refinancing of public obligations of a hospital, if:
(1)    (i)    the closure of the hospital is in accordance with § 19–120(l) of the Health – General Article; or
(ii)    the delicensure of the hospital is in accordance with § 19–325 of the Health – General Article;
(2)    a public obligation issued on behalf of the hospital is outstanding;
(3)    the hospital plan for closure or delicensure and the related financing plan is acceptable to:
(i)    the Secretary of Health, in consultation with the Maryland Health Care Commission; and
(ii)    the Authority; and
(4)    the Health Services Cost Review Commission determines that implementation of the Program is in the public interest, taking into account the amount of system–wide savings to the health care system in the State that might be expected as a result of the closure.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-344 - Notices of Closure and Delicensure

(a)    (1)    The Maryland Health Care Commission shall notify in writing:
(i)    the Authority and the Health Services Cost Review Commission when a hospital files a written notice of intent to close under § 19–120(l) of the Health – General Article; and
(ii)    the Authority when a petition for delicensure of a hospital is filed with the Secretary of Health under § 19–325 of the Health – General Article.
(2)    The Commission shall give the notice required by this subsection within 5 days after the date of the filing.
(b)    The Secretary of Health shall notify the Authority and the Health Services Cost Review Commission in writing of each determination to delicense a hospital under § 19–325 of the Health – General Article at least 150 days before the scheduled date of delicensure.
(c)    The notifications under this section shall include the name and location of the hospital and the scheduled date of its closure or delicensure.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-345 - Additional Required Information

(a)    As to each hospital that files a notice of intent to close under § 10-344(a)(1)(i) of this subtitle, the Maryland Health Care Commission shall provide to the Authority and the Health Services Cost Review Commission notice that includes:
(1)    for a hospital that is located in a county with three or more hospitals, a statement that the hospital, in consultation with the Maryland Health Care Commission, held a public information hearing in the county where the hospital is located;
(2)    for a hospital that is located in a county with fewer than three hospitals, notification of its finding on whether the proposed closing is:
(i)    in the public interest; and
(ii)    not inconsistent with the State health plan or an institution-specific plan that the Maryland Health Care Commission developed; and
(3)    the name and location of the hospital and the scheduled date of the closure.
(b)    The Maryland Health Care Commission shall submit the notifications required under this section at least 150 days before the scheduled date of the closure.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-346 - Statement of Outstanding Obligations; Closure Plan

(a)    (1)    A hospital that intends to close or is scheduled to be delicensed shall provide the Authority and the Health Services Cost Review Commission with a written statement of any outstanding public obligations issued on its behalf.
(2)    The statement shall include:
(i)    the name of each issuer of the public obligation;
(ii)    the outstanding principal amount of each public obligation;
(iii)    the due dates for payment or any mandatory redemption or purchase of each public obligation;
(iv)    the due dates for the payment of interest on each public obligation and the interest rates; and
(v)    the documents and information about the public obligation that the Authority or the Health Services Cost Review Commission requests.
(b)    (1)    A hospital with public obligations issued on or after October 1, 2008, that intends to close or is scheduled to be delicensed, shall provide to the Secretary of Health a closure plan that is acceptable to the Secretary, in consultation with the Maryland Health Care Commission.
(2)    The closure plan required under this subsection shall include the plan of the hospital for the provision of care to its patients and to the population in its service area.
(c)    The hospital shall file the items required under subsections (a) and (b) of this section:
(1)    within 10 days after the date of filing the written notice of intent to close under § 19–120(l) of the Health – General Article with the Maryland Health Care Commission; or
(2)    at least 150 days before the scheduled date of delicensure under § 19–325 of the Health – General Article.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-347 - Closure Costs -- Conditions for Payment

(a)    The Health Services Cost Review Commission may determine to provide for the payment of all or part of the reasonable closure costs of a hospital having outstanding public obligations if the Health Services Cost Review Commission determines that the payment is necessary or appropriate to:
(1)    encourage and assist the hospital to close; or
(2)    implement the Program created by this part.
(b)    In making the determinations under subsection (a) of this section, the Health Services Cost Review Commission shall consider:
(1)    the system–wide savings to the State health care system expected to result from the closure or delicensure of the hospital during the longer of:
(i)    the period when the fee will be assessed to provide for the payment of the closure costs or any bond issued to finance the closure costs; or
(ii)    5 years after the date of closure or delicensure; and
(2)    the recommendations of the Maryland Health Care Commission and the Authority.
(c)    Within 60 days after receiving the notice of closure or delicensure required by § 10–344(a)(1)(i) or (b) of this subtitle, the Health Services Cost Review Commission shall:
(1)    determine whether to provide for the payment of all or a part of the closure costs of the hospital in accordance with this section; and
(2)    give written notification of its determination to the Maryland Health Care Commission and the Authority.
(d)    This section does not require the Health Services Cost Review Commission to provide for the payment of any closure costs of a closed or delicensed hospital.
(e)    In a proceeding involving the validity or enforceability of a bond issued to finance closure costs or any security for the bond, the determinations of the Health Services Cost Review Commission under this section are conclusive and binding.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-348 - Payment Schedule; Plan

(a)    Within 60 days after receiving the statement required by § 10-346 of this subtitle, the Authority shall prepare a schedule of payments necessary to meet the public obligations of the hospital.
(b)    (1)    As soon as practicable after receiving a notice of closure or delicensure, required by § 10-344(a)(1)(i) or (b) of this subtitle, and after consulting with the issuer of each public obligation and the Health Services Cost Review Commission, the Authority shall prepare a proposed plan to finance or otherwise provide for the payment of public obligations.
(2)    The proposed plan may include a tender, redemption, advance refunding, or other technique that the Authority considers appropriate.
(c)    As soon as practicable after receiving notification that the Health Services Cost Review Commission has determined to provide for the payment of closure costs of a hospital under § 10-347 of this subtitle, the Authority shall prepare a proposed plan to finance or provide for the payment of closure costs stated in the notice.
(d)    On request of the Health Services Cost Review Commission, the Authority may begin preparing the plan required by this section before the Authority receives notice under § 10-344(a)(1)(i) or (b) of this subtitle.
(e)    The Authority shall promptly submit the schedule of payments and the proposed plan required by this section to the Health Services Cost Review Commission.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-349 - Bond Issuance

(a)    The Authority may issue bonds to finance or otherwise provide for the payment of public obligations or closure costs of a hospital in accordance with a plan developed under § 10-348 of this subtitle.
(b)    The bonds issued under subsection (a) of this section shall:
(1)    be payable from the fees provided under § 10-350 of this subtitle or from other sources provided in the plan;
(2)    be authorized, sold, executed, and delivered in accordance with this subtitle; and
(3)    have terms consistent with constitutional and other legal requirements.
(c)    In connection with the issuance of any bond, the Authority may assign its rights under a loan, lease, or other financing agreement between the Authority or any other issuer of a public obligation and the closed or delicensed hospital to the State or a State unit in consideration for the payment of a public obligation as provided in this part.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-350 - Fees

(a)    On the date of closure or delicensure of a hospital for which a financing plan is developed under § 10–348 of this subtitle, the Health Services Cost Review Commission shall assess a fee on all hospitals, as provided in § 19–223 of the Health – General Article, sufficient to:
(1)    pay the principal and interest on any bonds that the Authority issues under § 10–349 of this subtitle to finance public obligations;
(2)    pay the closure costs or the principal and interest on bonds that the Authority issues under § 10–349 of this subtitle to finance any closure costs;
(3)    maintain a reserve required by the trust agreement;
(4)    pay any required financing fees or charges; and
(5)    maintain reserves that the Authority considers appropriate to provide the amounts described in paragraphs (1) through (4) of this subsection if a hospital defaults in paying the fees.
(b)    The fee assessed each hospital shall be:
(1)    the product of the total fees required to be assessed multiplied by the ratio of the actual gross patient revenue of the hospital to the total gross patient revenue of all hospitals; and
(2)    determined as of the date the Authority determines after consulting with the Health Services Cost Review Commission.
(c)    (1)    As the Authority directs, each hospital shall pay the fee:
(i)    directly to the Authority;
(ii)    directly to a trustee for the bondholders; or
(iii)    otherwise as the Authority directs.
(2)    The fee shall be assessed at any time necessary to meet the payment requirements of this section.
(d)    The fee assessed is not subject to supervision or regulation by a unit of the State.
(e)    (1)    A pledge of the fee to a bond issued under this part or to any other public obligation immediately subjects the fee to the lien of the pledge without a physical delivery or further act.
(2)    Whether or not the parties have notice, the lien of the pledge is valid and binding against all parties having claims in tort, contract, or otherwise against the Authority or a closed or delicensed hospital.
(f)    If the Health Services Cost Review Commission terminates by law, the Secretary of Health shall impose the fee under this section.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-351 - Reduction in Amounts Qualifying for Payment Under Program

(a)    Notwithstanding any other provision of this subtitle, the amount of a public obligation that may be paid under the Program shall be reduced by the sum of:
(1)    any excess of the total fair market value of all property transferred by a closed or delicensed hospital to an affiliate or a person with an interest in the hospital after it is closed or delicensed over the total fair market value of the property transferred and services provided to the hospital by the affiliate or person; and
(2)    the total fair market value of the property retained by the hospital or affiliate after the closure or delicensure minus the property that is applied to paying closure costs approved by the Health Services Cost Review Commission.
(b)    (1)    By any method it considers appropriate, the Authority may determine the fair market value of any property or services, including by:
(i)    the appraisal of an independent professional appraiser; or
(ii)    the report of an independent consultant.
(2)    The closed or delicensed hospital shall pay the cost of the appraiser or consultant.
(c)    (1)    The Authority may act under this subsection if the Authority determines that the action is:
(i)    necessary to protect the interests of holders of public obligations; or
(ii)    consistent with the public purpose of encouraging and assisting the hospital to close or delicense.
(2)    The Authority may proceed against:
(i)    a closed or delicensed hospital; or
(ii)    a guaranty or collateral securing the payment of a public obligation of a closed or delicensed hospital if the guaranty or collateral was provided by an entity associated with the hospital.
(d)    In making the determination required under subsection (c) of this section, the Authority shall consider:
(1)    the circumstances under which the guaranty or other collateral was provided; and
(2)    the recommendations of the Health Services Cost Review Commission and the Maryland Health Care Commission.
(e)    (1)    Any money that the Authority or its assignee realizes from enforcing a claim against a closed or delicensed hospital, or a hospital with a plan under § 10-348 of this subtitle, shall be applied to offset the fee that the Health Services Cost Review Commission is required to assess under § 10-350 of this subtitle.
(2)    The costs and expenses of enforcing the claim, including the costs for maintaining the property before disposition, shall be deducted from the money described in paragraph (1) of this subsection.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-352 - Determination by Authority Conclusive and Binding

Notwithstanding any other provision of this part, in a proceeding involving the validity or enforceability of a bond or the security for a bond, the determination of the Authority under this part is conclusive and binding.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 3 - Maryland Health and Higher Educational Facilities Authority › Part IV - Maryland Hospital Bond Program › Section 10-353 - Waiver of Notice

The Health Services Cost Review Commission, the Maryland Health Care Commission, or the Authority may waive any notice required to be given to it under this part.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 4 - Maryland Technology Development Corporation › Part I - General Provisions › Section 10-401 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Board” means the Board of Directors of the Corporation.
(c)    “Corporation” means the Maryland Technology Development Corporation.
(d)    “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(e)    “Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle.
(f)    “Principal business operations” means the headquarters from which the business’s officers direct, control, and coordinate the business’s activities.
(g)    “Qualified business” means a business that, at the time of the first investment in the business under a program of the Corporation, except as otherwise provided in this subtitle:
(1)    (i)    has its principal business operations located in the State, has over half its workforce working in the State, and intends to maintain its principal business operations in the State after receiving an investment under the program; or
(ii)    is a business or start–up business that is approved by the investment committee and will, as a result of the investment, have a substantial economic impact in the State through job creation, capital investment, and contribution to the State’s technology ecosystem;
(2)    has agreed to use the investment primarily to:
(i)    support business operations in the State; or
(ii)    in the case of a start–up company, establish and support business operations in the State;
(3)    has not more than 250 employees; and
(4)    is not primarily engaged in:
(i)    retail sales;
(ii)    real estate development;
(iii)    the business of insurance, banking, or lending; or
(iv)    the provision of professional services by accountants, attorneys, or physicians.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 4 - Maryland Technology Development Corporation › Part I - General Provisions › Section 10-402 - Established

(a)    There is a Maryland Technology Development Corporation.
(b)    The Corporation is a body politic and corporate and is an instrumentality of the State.
(c)    The purposes of the Corporation are to:
(1)    assist in transferring to the private sector the results and products of scientific research and development conducted by colleges, universities, and federal research institutions in the State;
(2)    assist in commercializing those results and products;
(3)    assist in commercializing technology developed in the private sector;
(4)    foster the commercialization of research and development conducted by colleges, universities, and the private sector to create and sustain businesses throughout all regions of the State;
(5)    generally assist early–stage and start–up businesses in the State;
(6)    invest in Maryland–based technology companies and promote the commercialization and growth of technology companies and jobs in the State;
(7)    build a long–term entrepreneurial capacity and sustained venture capital presence in the State;
(8)    create pathways to follow–on financing in the State; and
(9)    foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist small, minority, and women–owned businesses through marketing and other efforts.
(d)    In accordance with § 10–834 of this title, the Corporation and the Maryland Clean Energy Center shall coordinate with the Maryland Energy Innovation Institute in supporting Maryland–based technology companies engaged in clean energy innovation.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 4 - Maryland Technology Development Corporation › Part I - General Provisions › Section 10-403 - Board of Directors

(a)    (1)    A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.
(2)    (i)    The Board of Directors may appoint members of an advisory committee.
(ii)    If the Board of Directors appoints an advisory committee, the Board shall adopt policies establishing the responsibilities of the advisory committee.
(b)    The Board consists of the following 19 members:
(1)    the Secretary or the Secretary’s designee;
(2)    fourteen members appointed by the Governor with the advice and consent of the Senate:
(i)    two representing the nonprofit research sector of the State;
(ii)    two with expertise in venture capital financing;
(iii)    five with experience in technology–based businesses;
(iv)    two representing colleges and universities, at least one of whom shall represent an historically black college or university, except that any single college or university may not be represented for more than two consecutive terms; and
(v)    three members of the general public; and
(3)    subject to subsection (c) of this section:
(i)    two members appointed by the President of the Senate; and
(ii)    two members appointed by the Speaker of the House.
(c)    The members appointed under subsection (b)(3) of this section shall:
(i)    represent the nonprofit research sector of the State;
(ii)    have expertise in venture capital financing;
(iii)    have experience in technology–based businesses;
(iv)    represent colleges and universities; or
(v)    be members of the general public.
(d)    A member of the Board shall reside in the State.
(e)    In making appointments to the Board, the Governor shall consider:
(1)    diversity; and
(2)    all geographic regions of the State.
(f)    A member of the Board:
(1)    may not receive compensation as a member of the Board; but
(2)    is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(g)    (1)    The term of an appointed member is 4 years.
(2)    The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.
(3)    At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)    A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(h)    (1)    This subsection applies to a member who is appointed by the Governor under subsection (b) of this section.
(2)    The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.
(i)    The Board shall elect a chair from among its members.
(j)    The Board may act with an affirmative vote of 11 Board members.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 4 - Maryland Technology Development Corporation › Part I - General Provisions › Section 10-404 - Executive Director

(a)    The Corporation shall employ a Chief Executive Officer.
(b)    The Chief Executive Officer shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.
2023 Maryland Statutes › Economic Development › Division II - Independent and Regional Development Units and Resources › Title 10 - Statewide Development Resources and Revenue Authorities › Subtitle 4 - Maryland Technology Development Corporation › Part I - General Provisions › Section 10-405 - Legal Advisor

(a)    The Attorney General is the legal advisor to the Corporation.
(b)    (1)    The Attorney General shall assign to the Corporation assistant Attorneys General.
(2)    The Attorney General shall designate one assistant Attorney General as general counsel to the Corporation.
(3)    (i)    The general counsel to the Corporation shall:
1.    advise the Chief Executive Officer, Board of Directors, and any other official of the Corporation as requested by the Corporation;
2.    supervise the other assistant Attorneys General assigned to the Corporation; and
3.    perform for the Corporation other duties the Attorney General assigns.
(ii)    The general counsel may not provide any other assistance not specified in subparagraph (i) of this paragraph.
(c)    With the approval of the Attorney General, the Corporation may retain any additional necessary lawyers.