EXECUTIVE FISCAL RESPONSIBILITY
limitation or restriction contained in
any other law or ordinance, the Treas-
urer of the State, the county commis-
sioners of each county of the State,
and the chief fiscal or administrative
officer or officers or governing body
of each municipality, town, body
politic, public body corporate, school,
road, drainage, improvement, construc-
tion or soil conservation district or
commission in the State, including, by
way of enumeration and not in limi-
tation, the Upper Potomac River Com-
mission, the State Roads Commission,
county school boards and other politi-
cal subdivisions and bodies politic of
the State and any agency of any politi-
cal subdivision of the State, and the
trustees or other officers in charge of
any pension or retirement system or
fund of the State or of any political
subdivision thereof or any agency or
department of either are hereby sever-
ally authorized and empowered to in-
vest, reinvest and keep invested all
unexpended or surplus moneys in any
fund or account, of which they have
custody or control, in bonds or other
obligations, for the payment of princi-
pal and interest of which the faith and
credit of the United States of America
are pledged, and to sell the same, or
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to invest said monies in any bank or
banks in the State of Maryland in an
interest-bearing time deposit and/or
savings account. Such deposits shall
only be made where the bank has de-
posited a like amount of bonds in
escrow, as now prescribed by law,
covering bank deposits. The interest
or income from any such investment
shall be and become a part of the
fund from which the investment was
made and may itself be so invested,
provided, however, that where the
fund so invested constitutes the pro-
ceeds of the issue of bonds or other
obligations, the principal of and/or
interest on which the issuer is obligated
to repay to the holders thereof, the
interest or income from such invest-
ments may be used to pay the principal
and/or interest on the same by the
issuer. Investments made pursuant to
this section may be retained until such
time as the investor shall decide other-
wise.
All such investments made prior to
March 2, 1943, are hereby legalized,
validated, ratified and confirmed, not-
withstanding the absence of statutory
authority therefor or any inconsistent
provision of law."
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STATE AUDITOR
The office of state auditor is established
by Article 19 of the annotated code of
maryland. He is appointed by the gov-
ernor for a four-year term. He is assigned
to the Division of Financial Review and
Control, which is under the supervision
of the comptroller. The auditor appoints
a deputy and necessary assistant state
auditors in accordance with the Merit
System. The auditor, his deputy and as-
sistants, must give bond.57
57 md. code ann. art. 19, § 29 (Supp.
1966).
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On or before the first of December the
auditor examines the books and accounts
of all clerks of courts, registers of wills,
and all collectors of state taxes and also
all county treasurers and fee officers. He
also examines the books of the office of
the governor, comptroller, treasurer, at-
torney general, clerk of the Court of
Appeals, and of all state agencies and
departments designated by the comp-
troller. The auditor reports the findings
to the comptroller.58 Generally a report
58 md. code ann. art. 19, § 30(b) (Supp.
1966).
179
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