(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.
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