640                              Laws of Maryland                       [Ch. 463

CHAPTER 463
(House Bill 540)

AN ACT to repeal Section 464 (e) of the Code of Public Local Laws of
Prince George's County (1953 Edition, being Article 17 of the Code
of Public Local Laws of Maryland), title "Prince George's County",
sub-title "County Commissioners", and to enact new Section 464(e)
in lieu thereof, to stand in the place and stead of the section so
repealed, relating to the establishment AND OPERATION of an
Insurance Fund for the rebuilding of county owned public build-
ings, including school buildings, in Prince George's County and
authorizing the County Commissioners of Prince George's County
to levy annually such taxes as they deem necessary to maintain said
Fund and to invest said Funds in Federal, State or County bonds
or in any interest paying institution whose deposits are regulated
by the Federal Government.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 464(e) of the Code of Public Local Laws of Prince
George's County (1953 Edition/being Article 17 of the Code of Public
Local Laws of Maryland), title "Prince George's County", sub-title
"County Commissioners", be and it is hereby repealed; and that new
Section 464(e) be and it is hereby added to said Code in lieu thereof,
to stand in the place and stead of the section so repealed, and to read
as follows:

464(e) The Board of County Commissioners of Prince George's
County are IS authorized to levy annually such taxes as are deemed
necessary to establish an Insurance Fund to be used or expended
thereafter only for the purpose of paying for the costs of rebuilding
county owned public buildings or school buildings. RECONSTRUCT-
ING, REPLACING OR REPAIRING. BUILDINGS OF THE COUN-
TY, AND/OR THE BOARD OF EDUCATION DAMAGED OR DE-
STROYED BY FIRE AND OTHER CONTINGENCIES. TO AD-
MINISTER SAID FUND, THREE PERSONS, RESIDENTS OF
PRINCE GEORGE'S COUNTY, SHALL BE NAMED AS TRUS-
TEES; TWO SELECTED BY THE COUNTY COMMISSIONERS
AND ONE SELECTED BY THE BOARD OF EDUCATION OF
PRINCE GEORGE'S COUNTY, ALL OF WHOM SHALL NOT RE-
CEIVE A SALARY FOR SUCH SERVICES. THE COUNTY COM-
MISSIONERS SHALL BY ORDINANCE ADOPT, AND AMEND
FROM TIME TO TIME, RULES AND REGULATIONS PROVID-
ING FOR THE ADMINISTRATION OF SAID FUND. SUCH
RULES AND REGULATIONS SHALL INCLUDE, INTER ALIA,
PROVISIONS FOR ANNUAL AUDIT OF THE FUND, THE
LOSSES COVERED BY THE FUND AND THE METHOD PROC-
ESSING LOSSES INSURED THEREBY.

The County Commissioners shall have the authority to invest said
Funds in Federal, State or County bonds and any interest paying
institution whose deposits are regulated by the Federal government

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.