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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 3. MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY |
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PART IV. MARYLAND HOSPITAL BOND PROGRAM |
§ 10-343. Maryland Hospital Bond Program
Latest version.
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(a) Established. -- There is a Maryland Hospital Bond Program in the Authority.
(b) Requirements -- Closure or delicensure before October 1, 2008. -- 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 and Mental Hygiene, in consultation with the Maryland Health Care Commission; and
(ii) the Authority.
(c) Requirements -- Closure or delicensure before October 1, 2008. -- 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 and Mental Hygiene, 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.