Authority;52 Board of Public Works;53
(ex officio) Board of Trustees; Employees
Retirement System;54 and the Board of
Trustees of the State Police Retirement
System.56
WORKINGS OF THE TREASURER'S
OFFICE
The treasurer generally has delegated
his administrative duties to his chief
deputy and a deputy. The office of the
chief deputy is in Annapolis, and is the
ultimate place for the deposit of records
on collateral and insurance. It also
handles claims, reports the budget, and
registers bonds and coupons. The
deputy's office is in Baltimore and it
functions more as the information gath-
ering center for the treasurer who gen-
erally has his business office in Baltimore.
Generally, the comptroller's office is
often in contact with the treasurer's
office, but unless there is a special study
being conducted (e.g., consolidating
bonding of employees), there is little
contact with other agencies. The re-
ceiving and paying function of the office
is purely administrative and has little
policy-making power. Of course the treas-
urer, as a member of the Board of Public
Works, has policy-making power, but this
does not extend to his administrative
duties.
The treasurer's office places all the
State's insurance coverage, a duty dele-
gated by the Board of Public Works. The
treasurer determines the amount and
what is covered. Bids are taken on the
insurance for motor vehicles and machin-
ery, and coverage on buildings is nego-
52Mo. code ann. art. 41, § 266M(e)
(1957, repl. vol. 1965).
53 md. const, art. XII, § 1.
54Mo. code ann. art. 73B, § 12 (1957,
repl. vol. 1967).
55 md. code ann. art. 88B, § 37 (1957,
repl. vol. 1964).
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tiated due to the complexity and variety
of this insurance coverage. When there
is a major change in insurance coverage
or a new and significant item is covered
(e.g., volunteers in hospitals, or educa-
tional TV) , the Treasurer will seek Board
approval.
SALE OF BONDS
The comptroller's office may initiate
the sale of bonds.. When bond accounts
are low. he will notify the treasurer. The
comptroller writes letters to all bond
beneficiaries to determine their needs,
forwarding the data to the treasurer who
checks it and determines the amount
that can be sold in the money market.
After approval by the Board of Public
Works, the treasurer handles all details
in the sale of the bonds. The attorney
general certifies that there is no litigation
and the bond counsel, appointed by the
treasurer, gives a legal opinion on the
legal validity of the bond. The bonds are
put out for bid and the Board of Public
Works makes the final decision as to
what bid is accepted. Payment of the
bonds is handled through a fiscal agent —
Mercantile Trust Company.
INVESTMENT OF SURPLUS FUNDS
By law the treasurer may invest in
United States securities.56 When to buy
and how much is determined by the
treasurer. Likewise, the amount of funds
that an agency is allowed to maintain as
a balance in local banks is determined by
the treasurer. Local banks are chosen by
him on the basis of past service and ability
to put up collateral for the funds.
The treasurer's position on the Board
of Trustees of the Retirement Fund is
necessary in order that the Fund may
benefit from his experienced advice about
investments.
56MD. code ann. art. 95, § 22 (1957,
repl. vol. 1964).
173
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