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Martin O'Malley, Governor Ch. 42
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(IV) PROVIDE THAT MONEYS NOT INVESTED IN EQUITIES
SHALL BE INVESTED IN ACCORDANCE WITH ARTICLE 95, § 22 OF THE CODE;
AND
(V) PROHIBIT BORROWING OF FUNDS FOR THE EXPRESS
PURPOSE OF INVESTING THOSE FUNDS.
(b) (1) Subject to paragraph (2) of this subsection, a governmental self-
insurance group may be formed by any combination of:
(i) counties;
(ii) municipal corporations;
(iii) boards of education; and
(iv) community colleges.
(2) A board of education or a community college may not participate in
a governmental self-insurance group unless its participation is approved by its county
governing body.
(c) Subject to the approval of the Commission, a county that participates in a
governmental self-insurance group may include in the coverage:
(1) any unit created or funded by the county; and
(2) regardless of funding:
(i) the board of education of the county;
(ii) a community college in the county;
(iii) a regional community college in the county;
(iv) a housing agency of the county created under Division II of
the Housing and Community Development Article;
(v) a municipal corporation in the county;
(vi) a multicounty unit that operates in the county; or
(vii) a revenue authority in the county created by the State.
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- 853 -
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