1. (a) There is a Maryland Hospital Bond Program in the Authority.

2. (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. (1)

      1. (i) the closure of the hospital is in accordance with § 19-120(l) of the Health--General Article; or
      2. (ii) the delicensure of the hospital is in accordance with § 19-325 of the Health--General Article;
   2. (2) a public obligation issued on behalf of the hospital is outstanding; and

   3. (3) the hospital plan for closure or delicensure and the related financing plan is acceptable to:

      1. (i) the Secretary of Health, in consultation with the Maryland Health Care Commission; and
      2. (ii) the Authority.

3. (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. (1)

      1. (i) the closure of the hospital is in accordance with § 19-120(l) of the Health--General Article; or
      2. (ii) the delicensure of the hospital is in accordance with § 19-325 of the Health--General Article;
   2. (2) a public obligation issued on behalf of the hospital is outstanding;

   3. (3) the hospital plan for closure or delicensure and the related financing plan is acceptable to:

      1. (i) the Secretary of Health, in consultation with the Maryland Health Care Commission; and
      2. (ii) the Authority; and
   4. (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.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2008, c. 641, § 1, eff. Oct. 1, 2008; Acts 2017, c. 62, § 6.