Md. Code, Economic Development § 10-350
This is the official text of Md. Code, Economic Development § 10-350, part of Maryland’s Code, Economic Development — governs the state's economic development programs.
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§10–350.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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