OFFICE OF STATE TREASURER

Lucille Maurer, State Treasurer
(elected by General Assembly) .... (410) 974-3542
Joan P. Shirrefs, Special Assistant
...................... (410) 974-3485
Christine E. Kempf, Special Assistant
...................... (410) 974-5937
M. Lee Norton, Principal Counsel
...................... (410) 576-6339

STATE TREASURER

Lucille Maurer, State Treasurer

Goldstein Treasury Building
80 Calvert St.
Annapolis, MD 21401 (410) 974-3533

Under the Constitution of 1776, two State
Treasurers—the Treasurer of the Eastern Shore, and
the Treasurer of the Western Shore—were elected
by the House of Delegates. In 1841, the General
Assembly consolidated the two offices. The Consti-
tution of 1851 provided that a single Treasurer of
the State should be elected by joint ballot of both
houses of the General Assembly. Not until 1973 did
the Legislature elect the first full-time State Treas-
urer. The State Treasurer serves a four-year term
coinciding with that of the Governor.

The State Treasurer is responsible for the manage-
ment and protection of State funds and property. In
this connection, the Treasurer selects and manages the
depository facilities for State funds, issues or author-
izes agents to issue payments of State funds, invests
excess funds, safekeeps all State securities and invest-
ments, and provides insurance protection against sud-
den and unanticipated damage to State property or
liability of State employees.

The State Treasurer is the custodian of all stocks,
bonds, promissory notes, certificates, and other
negotiable investment instruments of the State, as
well as those held in behalf of the Maryland State
Retirement and Pension Systems, the Maryland
Insurance Commissioner, foreign building and
homestead associations, the Bureau of Mines; and
all collateral pledged as security over deposits of
State funds in Maryland banks.

CHIEF DEPUTY TREASURER

Mark A. Reger. ................ (410) 974-3543

ADMINISTRATION DIVISION

Bernadette T. Benik, Director. . . (410) 974-3533

BANKING SERVICES DIVISION

Paul Schmitz, Director ........ (410) 974-3533
.............. check research: (410) 974-3967

INVESTMENTS & FINANCE DIVISION
Donald Walton, Director ...... (410) 974-3055

INSURANCE DIVISION

J. Vincent McCann, Director. . . . (410) 974-3060

DATA PROCESSING DIVISION

Wesley Spangler, Director. ..... (410) 974-3533

The State Treasurer plans, prepares, and advertises
State of Maryland General Obligation bond issues.
With the approval of the Board of Public Works, the
Treasurer arranges bond sales; prepares the State's
Official Statement; receives bids; and arranges settle-
ment, delivery of bonds, and tracking of the proceeds
for these General Obligation bonds. Due to new
restrictions by the federal government on income
generated through the sale of tax-exempt obligations,
the Treasurer most recently has played an increasing
role in the administration of the State's capital pro-
gram. In 1990, the State issued the first Maryland Mini
Bonds, which are small denomination capital appre-
ciation bonds. This program is administered entirely
by the Treasurer.

Under authority delegated by the Board of Pub-
lic Works, the State Treasurer is responsible for the
procurement of all financial and insurance services
of the State. In this regard, the Treasurer competi-
tively procures services concerned with banking,
investment, safekeeping, financial advice, debt un-
derwriting, insurance protection, claims adjusting,
investigations, and some printing (Const., Art. VI,
secs. 1-6; Code State Government Article, secs.
5-101 through 5-107, 12-104).

By law, the Treasurer is a member of the Board
of Public Works; the Board of Trustees of the Mary-
land State Retirement and Pension Systems; the
Board of Revenue Estimates; the Maryland Agri-
cultural Land Preservation Foundation; the Hall of
Records Commission; the Board of State Canvass-
ers; the Governor's Salary Commission; the Mary-
land Health and Higher Educational Facilities
Authority; the Maryland State Employees Surety
Bond Committee; and the Procurement Advisory
Board. The Treasurer also chairs the Capital Debt
Affordability Committee, and the Maryland Col-
lege Savings Bond Advisory Board.