§ 19-217. Notification of certain financial transactions, contracts or agreements required.
(a) In general.- Except as provided in subsection (c) of this section, a facility shall notify the Commission at least 30 days prior to executing any financial transaction, contract, or other agreement that would:
(1) Pledge more than 50% of the operating assets of the facility as collateral for a loan or other obligation; or
(2) Result in more than 50% of the operating assets of the facility being sold, leased, or transferred to another person or entity.
(b) Publication of notice.- Except as provided in subsection (c) of this section, the Commission shall publish a notice of the proposed financial transaction, contract, or other agreement reported by a facility in accordance with subsection (a) of this section in a newspaper of general circulation in the area where the facility is located.
(c) Exception.- The provisions of this section do not apply to any financial transaction, contract, or other agreement made by a facility with any issuer of tax-exempt bonds, including the Maryland Health and Higher Education Facilities Authority, the State, or any county or municipal corporation of the State, if a notice of the proposed issuance of revenue bonds that meets the requirements of § 147 (f) of the Internal Revenue Code has been published.
§ 19-217. Notification of certain financial transactions, contracts or agreements required.
(a) In general.- Except as provided in subsection (c) of this section, a facility shall notify the Commission at least 30 days prior to executing any financial transaction, contract, or other agreement that would:
(1) Pledge more than 50% of the operating assets of the facility as collateral for a loan or other obligation; or
(2) Result in more than 50% of the operating assets of the facility being sold, leased, or transferred to another person or entity.
(b) Publication of notice.- Except as provided in subsection (c) of this section, the Commission shall publish a notice of the proposed financial transaction, contract, or other agreement reported by a facility in accordance with subsection (a) of this section in a newspaper of general circulation in the area where the facility is located.
(c) Exception.- The provisions of this section do not apply to any financial transaction, contract, or other agreement made by a facility with any issuer of tax-exempt bonds, including the Maryland Health and Higher Education Facilities Authority, the State, or any county or municipal corporation of the State, if a notice of the proposed issuance of revenue bonds that meets the requirements of § 147 (f) of the Internal Revenue Code has been published.
§ 19-217. Notification of certain financial transactions, contracts or agreements required.
(a) In general.- Except as provided in subsection (c) of this section, a facility shall notify the Commission at least 30 days prior to executing any financial transaction, contract, or other agreement that would:
(1) Pledge more than 50% of the operating assets of the facility as collateral for a loan or other obligation; or
(2) Result in more than 50% of the operating assets of the facility being sold, leased, or transferred to another person or entity.
(b) Publication of notice.- Except as provided in subsection (c) of this section, the Commission shall publish a notice of the proposed financial transaction, contract, or other agreement reported by a facility in accordance with subsection (a) of this section in a newspaper of general circulation in the area where the facility is located.
(c) Exception.- The provisions of this section do not apply to any financial transaction, contract, or other agreement made by a facility with any issuer of tax-exempt bonds, including the Maryland Health and Higher Education Facilities Authority, the State, or any county or municipal corporation of the State, if a notice of the proposed issuance of revenue bonds that meets the requirements of § 147 (f) of the Internal Revenue Code has been published.
