754                             LAWS OF MARYLAND                      [CH. 445

George's County (1963 Edition, being Article 17 of the Code of
Public Local Laws of Maryland), title "Prince George's County,"
subtitle "County Commissioners," Section 18.1 (e) be and it is hereby
repealed and re-enacted with amendments to read as follows:

The Board of County Commissioners for Prince George's County is
authorized to levy annually such taxes as are deemed necessary to
establish an insurance fund.

The insurance fund shall be used for the purpose of paying for
costs of reconstructing, replacing or repairing buildings of the County,
and/or the Board of Education damaged or destroyed by fire and
other contingencies.

In addition thereto the Board of County Commissioners may use
the fund to self-insure against any liability or risk to property or
personnel of the County government or its agencies including any
state agency which receives budgetary funds from the Board of
County Commissioners for insurance purposes; and the determina-
tion to become self-insured by the Board of County Commissioners
and the certification thereof to any state agency requiring insurance
coverage for any purpose shall constitute a guarantee of the minimum
coverage required by law and shall constitute proof of insurance by
the agency certified to.

The Board of County Commissioners may, where it deems advis-
able, contract for insurance on a combined policy basis, including
therein all or any agencies of the county or state receiving budgetary
funds from the Board of County Commissioners or they may, if it
is deemed advisable, self-insure a portion of the risk and contract
for excess insurance for sums over and above the self-insurance risk.

The determination by the Board of County Commissioners to be-
come self-insured and the certification to the state agency requiring
insurance coverage or the contract for a combined policy of insur-
ance, shall obligate the agency insured to cancel any outstanding
policies and return to the Board of County Commissioners any un-
used appropriations for that purpose or returned premiums. No
future appropriations shall be made by the Board of County Com-
missioners to the agency covered.

The Board of County Commissioners may by ordinance adopt, and
amend from time to time, rules and regulations providing for the
administration of the self-insurance fund. Such rules and regulations
shall include, but not be limited to, provisions for annual audit of
the fund, the losses covered by the fund and the method of process-
ing losses insured thereby including the utilization of contract
services.

The County Commissioners shall have the authority to increase
the fund from year to year until it reaches the sum of $5,000,000
and may invest said funds or any portion thereof in Federal, State
or County bonds and any interest paying institution whose deposits
are regulated by the Federal Government, provided said institution
shall provide collateral securities securing such deposits.

Any funds previously held in a self-insurance fund for buildings
shall be transferred to the fund authorized by this act.