Baltimore County                                 2589

Sec. 20-49. Management of funds—Powers and duties of board generally.

The board of trustees shall be the trustees of the several funds
created by this article, as provided in section 20-54 to 20-60 of this
Code, and shall have full power to invest and reinvest such funds, subject
to all the terms, conditions, limitations and restrictions imposed by the
laws of the state upon domestic life insurance companies in the making and
disposing of their investments: and subject to like terms, conditions, limi-
tations and restrictions, such trustees shall have full power to hold, pur-
chase, sell, assign, transfer and dispose of any of the securities and invest-
ments in which any of the funds created herein shall have been invested, as
well as the proceeds of such investments and any monies belonging
to such funds; provided, however, that the limitation and restriction im-
posed by the laws of the state upon domestic life insurance companies
in the making of investments in dividend paying stocks or shares of any
corporation created or existing under the laws of the United States of
America or of any state, the District of Columbia or territory or posses-
sion of the United States of America, to the effect that no such company
may invest more than ten per cent of its total admitted assets in such
stocks, shall not apply to the board of trustees of the several funds
created by this article, and on the contrary, such board of trustees may
invest up to [twenty-five] thirty-five per cent of the book value of such
several funds in such stocks or shares; provided, however, that such board
of trustees may not invest more than five percent of the book value of
such several funds in the stock or shares of any one corporation.

Section 2. And be it further enacted, That this Act shall take
effect forty-five days after its enactment.

Bill No. 56

An Act, To increase the allowable interest rate on Metropolitan
District Bonds, by repealing and re-enacting with amendments section
34-72 of the Baltimore County Code, 1968, title "Water, Sewer, Sewage
Disposal and Drains," Article III. "Metropolitan District," Division
4. Bonds.

Whereas, the present ceiling of five per cent interest per annum
on the issuance of the Baltimore County Metropolitan District Bonds has
been found to be unrealistic due to existing market conditions; and

Whereas, the County Council deems it to be for the best interest
of the County to meet changed market conditions; now, therefore

Section 1. Be it enacted by the County Council of Baltimore County,
Maryland, That Section 34-72 of the Baltimore County Code, 1968, title
"Water, Sewer, Sewage Disposal and Drains," Article III. "Metropolitan
District," Division 4. Bonds, be and it is hereby repealed and re-enacted
with amendments to read as follows:

Section 34-72. Manner of accepting bids and making sale; terms;
interest rate; execution.

Upon the day mentioned in any such notice of sale or summary
thereof for opening the bids for the proposals thereby called for, the
county shall receive such sealed proposals for the purchase of such bonds
as may be designated in the notice of sale or summary thereof. Subject