1032 LAWS OF MARYLAND. [CH. 541

tutions which shall agree to pay interest upon the monthly
balance of such deposits at a rate equal to one-half of one
per cent less than the Baltimore Clearing House interest
rates on reserve bank deposits; provided, however, that the
Board of County Commissioners shall require from each
and every bank or banking institution receiving deposits
of public funds a bond in form satisfactory to the Board
of County Commissioners executed by satisfactory
surety or guaranty company, qualified to transact busi-
ness in the State of Maryland, in an amount equal to
the amount of public funds so deposited. Said bond to
run to the State of Maryland for the benefit of Montgom-
ery County and to be conditioned upon the safekeeping and
forthcoming when required of all deposits made during the
term of such designation. In the event any banking insti-
tution shall be unable or unwilling to provide a surety or
guaranty company bond satisfactory to the Board of
County Commissioners as hereinbefore provided the said
board may in its discretion, by proper resolution accept
in lieu of such surety or guaranty company bond as
to all or any part of such deposit, bonds of the United
States Government, or bonds or certificates of indebtedness
of the State of Maryland, or bonds, certificates of indebted-
ness or notes of any county or municipality or political sub-
division in said State, or bonds or notes secured by a first
mortgage or deed of trust on real property located in Mont-
gomery County and satisfactory to said Board, or a bond
signed by three or more personal sureties. Said board shall
be empowered to make any rules or regulations relative to
the deposit or safekeeping of any security deposited for its
benefit by any bank or banking institution. Said board, by
a majority vote of all its members, may designate any bank
or banking institution in the City of Baltimore, Maryland,
or in the City of Washington, District of Columbia, or in
the City of New York, having a combined capital and sur-
plus of not less than One Million Dollars ($1, 000, 000. 00)
and may exempt any bank or banking institution so desig-
nated from complying with the provisions hereinabove set
forth for the security of such funds as may be deposited
with it but no funds in excess of five per cent of the com-
bined capital and surplus of any such bank shall be de-
posited by any officer of Montgomery County.

All interest received by the Treasurer on county funds
so deposited shall be segregated by him into a special fund
and each year prior to the making up of the annual levy
by the County Commissioners, the Treasurer shall make
report of such sum to the County Commissioners, who shall