Committee to Study the State Debt

Chairperson. Louis L. Goldstein, Comptroller of
the Treasury

Members representing State government: William
S. James, State Treasurer; Thomas W. Schmidt,
Secretary of Budget and Fiscal Planning; Wil-
liam Shoemaker, Director, Department of
Assessments and Taxation,' Constance Lieder,
Secretary of State Planning.

Member from outside State government: Milton
S. Schiller

Secretary: Robert D. Rader, Chief, Bureau of
Revenue Estimates

State Treasury Building
Annapolis 21404 Telephone: 269-3882

The Governor established this Committee in
1961 upon the recommendation of the State Plan-
ning Department to study and review the State
debt and other important matters of fiscal policy.
The Committee's function was later expanded to
keep the State's bonded indebtedness and other
fiscal matters under constant surveillance so that
the Governor, in appraising requests and legisla-
tion calling for State financial support, would
have adequate background and advice readily
available to him.

STATE TREASURER
William S. James, Treasurer, 1983
Edwin J. Schamel, Chief Deputy
Charles R. Jones, Jr., Deputy
Frederick H. Klinken, Deputy
Eva N. Hubbard, Deputy
Lillian M. Claytor, Deputy

P. 0. Box 666
Annapolis 21404 Telephone: 269-3533

Under the Constitution of 1776 there were two State Treasurers—the Treasurer of the Eastern Shore
and the Treasurer of the Western Shore. In 1841 a constitutional amendment consolidated the two
offices. The present constitution provides that the Treasurer shall be elected by joint ballot of both
Houses of the General Assembly for a term of four years. The Treasurer is responsible for accounting
for all deposits made each day by some two hundred and forty State Agencies in depositories designat-
ed and authorized by him. The Treasurer prepares all checks drawn for disbursement of State cash
funds, and he and one of his Deputies sign these checks, which are then countersigned by the Comp-
troller and one of his authorized Deputies. The Treasurer invests any unexpended or surplus funds in
the State Treasury, representing both the general and special funds of the State, which are not current-
ly required to meet State needs. He is the custodian of all stocks, bonds, or other investments of the
State, as well as securities that are pledged by insurance companies, foreign building and homestead
associations, and all collateral that is pledged by banks that have State funds on deposit. He
administers the insurance for the State of Maryland, which includes the State Insurance Trust Fund
and the State Self-insurance Program. The State Treasurer does the preliminary planning, preparation,
and advertising for State of Maryland Bond Issues, receives bids and arranges for settlement, and signs
and delivers State of Maryland bonds. He publishes a monthly balance in Baltimore City newspapers
of all State funds held in authorized depositories, and renders a quarterly report of cash receipts and
cash disbursements to the Comptroller of the Treasury. He is by law a member of the Board of Public
Works, the Board of Trustees of the three Retirement Systems, the State Board of Canvassers, the
Maryland Industrial Development Financing Authority, a number of other boards and commissions,
and is also the custodian of such special deposits as may from time to time be prescribed by law
(Const. 1867, Art. VI, sees. 1, 2, 3, 4; Code 1957, Art. 95).