|
STATE TREASURER
Richard N. Dixon, 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
Constitution of 1851 provided that a single Treas-
urer 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 Treasurer. The State Treasurer serves a four-
year term coinciding with that of the Governor.
The State Treasurer is responsible for the man-
agement and protection of State funds and prop-
erty. In this connection, the Treasurer selects and
manages the depository facilities for State funds,
issues or authorizes agents to issue payments of
State funds, invests excess funds, safekeeps all State
securities and investments, and provides insurance
protection against sudden and unanticipated dam-
age to State property or liability of State employees.
The State Treasurer is the custodian of all stocks,
bonds, promissory notes, certificates, and other ne-
gotiable investment instruments of the State, as well
as those held for the State Retirement and Pension
|
System, the Maryland Insurance Commissioner,
foreign building and homestead associations, the
Department of the Environment's Coal Mining
Division [Bureau of Mines], and all collateral
pledged as security over deposits of State funds in
Maryland banks.
The State Treasurer plans, prepares, and adver-
tises 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 settlement, delivery of bonds, and tracking
of the proceeds for these General Obligation
bonds. Due to new restrictions by the federal gov-
ernment on income generated through the sale of
tax-exempt obligations, the Treasurer most re-
cently has played an increasing role in the admini-
stration of the State's capital program. In 1990, the
State issued the first Maryland Mini Bonds, which
are small denomination capital appreciation bonds.
This program is administered 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)
|
