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Ch. 42
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Martin O'Malley, Governor
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(a) Except as provided in subsection (b) of this section or § 22-0 of this
article, and subject to § 22F of this article, and notwithstanding any provision of a
local law or ordinance, the governing body of each county and municipal corporation,
each county board of education, and the governing body of each road, drainage,
improvement, construction or soil conservation district or commission in the State, the
Upper Potomac River Commission, and any other political subdivision or body politic
of the State, or their authorized acknowledged agent, are directed, authorized, and
empowered to invest, redeem, sell, exchange and reinvest all unexpended or surplus
money in any fund or account of which they have custody or control in obligations or
repurchase agreements in accordance with § 6-222 of the State Finance and
Procurement Article, or deposit unexpended or surplus money in any federally insured
bank in the State of Maryland or in any federally insured savings and loan association
in the State of Maryland in interest-bearing time deposit or savings accounts, or in
the local government investment pool created in this article. Except as provided in §
22-0 of this article, deposits in banks or in savings and loan associations shall only be
made if the bank or savings and loan association has given as security for these
deposits any of the types of collateral set forth in § 6-202 of the State Finance and
Procurement Article. The interest or income from any such investment or deposit shall
become a part of the fund from which the investment or deposit was made and may
itself be so invested or deposited. If the fund so invested or deposited constitutes the
proceeds of the issue of bonds or other obligations, the principal of or interest on which
the issuer is obligated to repay to the holders thereof, the interest or income from the
investments may be used to pay the principal or interest by the issuer. Investments or
deposits made pursuant to this section may be withdrawn or altered from time to time
by the investing or depositing officer or governing body either to meet the
requirements for which such funds are held or for reinvestment pursuant to this
subsection.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2007.
Approved by the Governor, April 10, 2007.
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CHAPTER 43
(Senate Bill 634)
AN ACT concerning
Presidential Elections - Agreement Among the States to Elect the President
by National Popular Vote
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- 855 -
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