Constitutional Offices and Agencies Board of Public Works/J 35

rized Deputies. The Treasurer invests any unexpended or surplus funds in the State Treasury, repre-
senting both the general and special funds of the State, which are not currently required to meet State
needs. He is the custodian of all stocks, bonds, or other investments of the State, as well as securities
that are pledged by insurance companies, foreign building and homestead associations, and all collater-
al that is pledged by banks that have State funds on deposit. He administers the insurance for the
State of Maryland, which includes the State Insurance Trust Fund, the self-insurance program, and
private commercial insurance. The State Treasurer does the preliminary planning, preparation, and ad-
vertising for State of Maryland bond issues, receives bids and arranges for settlement, and signs and
delivers State of Maryland bonds. He renders a quarterly report of cash receipts and cash disburse-
ments to the Comptroller of the Treasury. He is by law a member of the Board of Public Works, the
Board of Trustees of the Maryland State Retirement and Pension Systems, the State Board of Canvass-
ers, the Maryland Industrial Development Financing Authority, and a number of other boards and
commissions, and he is also the custodian of such special deposits as may from time to time be pre-
scribed by law (Const. 1867, Art. VI, secs. 1-6; Code 1957, Art. 95).

BOARD OF PUBLIC WORKS

Harry Hughes, Governor

Louis L. Goldstein, Comptroller of the Treasury
William S. James, Treasurer of Maryland
Sandra R. Koester, Secretary of the Board

Room 405

State Treasury Building

Annapolis 21401 Telephone: 269-3443

The Board of Public Works is composed of the Governor, the State Comptroller, and the State
Treasurer The Constitution requires the Board to meet on the first Wednesday of January, April, July,
and October in Annapolis and more often when necessary. As a matter of practice, meetings are
scheduled every three weeks.

The Board exercises such powers and duties as are prescribed in the Constitution or delegated to it
from time to time by the General Assembly. The Board approves the expenditures of all sums appro-
priated through State loans authorized by the General Assembly, as well as the expenditures of all
general and other funds appropriated for capital improvements except those appropriated for State
roads, bridges, and highways. The Board approves every new lease or renewal for land, buildings, or
office space before such contracts are executed by any department, board, commission, State officer, or
institution of the State. It may also designate the location of any State agency, after review by the Sec-
retary of the Department of Budget and Fiscal Planning.

The Board may borrow upon the credit of the State, at any time between the sessions of the General
Assembly, sums not to exceed $50,000 to meet temporary deficits in the Treasury. In addition, the
Board may borrow upon the credit of the State total amounts not exceeding $1,000,000 in anticipation
of the collection of taxes or other revenues, including the proceeds from the sale of bonds. All such
loans bear interest at a rate determined by the Board, and must mature and be repaid at or before the
end of the fiscal year in which the money is borrowed. Upon recommendation of the Comptroller, the
Board may adopt regulations covering matters of business administration in the various departments,
institutions, and agencies of the State, including the fixing of uniform rates of mileage allowance and
the terms and renewals of all bonds furnished by State officials and employees. The sale, lease, or
transfer of any real property belonging to any State agency or institution must be approved, and the
conveyance signed, by the Board and the highest official of the agency or institution. Where no agency
or institution claims the property, the Board executes the conveyance. The Board of Public Works has
custody of the General Emergency Fund, which is used to supplement the budgets of the agencies and
institutions of the State. The Board must also issue a license to anyone who seeks to dredge or fill in
State wetlands.

The Board of Public Works is required to adopt and promulgate rules, regulations, and procedures
for the administration of the State Public School Construction Program and to approve the allocations
which arc to be paid to each of the counties and Baltimore City.