<section article="ged" article_name="Education" number="20-101" title_number="20" title_name="Maryland College Savings Bond Advisory Board" subtitle_number="1"> <level label="a"> <level label="1"> <text>There is a Maryland College Savings Bond Advisory Board.</text> </level> <level label="2"> <text>The purpose of the Board is to advise the Board of Public Works on the issuance of college savings bonds authorized under § 8–123.3 of the State Finance and Procurement Article.</text> </level> </level> <level label="b"> <text>The Board shall consist of the following four members:</text> <level label="1"> <text>The State Treasurer;</text> </level> <level label="2"> <text>The Secretary of Higher Education; and</text> </level> <level label="3"> <text>Two members appointed by the Governor.</text> </level> </level> <level label="c"> <text>Factors to be considered in appointing members to the Board may include:</text> <level label="1"> <text>Experience, skill, or knowledge in the areas of public finance and investment banking; or</text> </level> <level label="2"> <text>Experience in the field of higher education finance.</text> </level> </level> <level label="d"> <text>The Treasurer shall serve as chair of the Advisory Board.</text> </level> </section> <section article="ged" article_name="Education" number="20-102" title_number="20" title_name="Maryland College Savings Bond Advisory Board" subtitle_number="1"> <level label="a"> <level label="1"> <text>The Maryland College Savings Bond Advisory Board shall make recommendations to:</text> <level label="i"> <text>The Board of Public Works regarding the need for Maryland capital appreciation general obligation bonds to help citizens save for the costs of college; and</text> </level> <level label="ii"> <text>In accordance with § 2–1257 of the State Government Article, the Governor and General Assembly on the establishment of an incentive program to encourage citizens to purchase capital appreciation general obligation bonds to finance the education of individuals at accredited institutions of postsecondary education in the State.</text> </level> </level> <level label="2"> <text>In the event of a negotiated sale, the Maryland College Savings Bond Advisory Board shall advise the Board of Public Works regarding:</text> <level label="i"> <text>Public relations and advertising needs;</text> </level> <level label="ii"> <text>Bond issuance information, including:</text> <level label="1"> <text>The increments in which to market the bonds;</text> </level> <level label="2"> <text>The recommended maturity dates of the bonds;</text> </level> <level label="3"> <text>The dollar limit that may be imposed on individual household purchases of college savings bonds; and</text> </level> <level label="4"> <text>The minimum denominations in which the college savings bonds may be marketed.</text> </level> </level> </level> </level> <level label="b"> <level label="1"> <text>Each appointed member serves for a term of 3 years and until a successor is appointed.</text> </level> <level label="2"> <text>A member appointed to fill a vacancy in an unexpired term serves only for the remainder of that term and until a successor is appointed and qualifies.</text> </level> <level label="3"> <text>Each member of the Advisory Board:</text> <level label="i"> <text>Serves without compensation; and</text> </level> <level label="ii"> <text>Is entitled to reimbursement for expenses in accordance with the Standard State Travel Regulations.</text> </level> </level> </level> </section>