(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

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.