536                                 Laws of Maryland                        [Ch. 240

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 22 of Article 95 of the Annotated Code of Maryland
(1969 Replacement Volume), title "Treasurer," be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

22.

Notwithstanding any provision of law or ordinance to the con-
trary or any limitation or restriction contained in any other law or
ordinance, the Treasurer of the State, the county commissioners of
each county of the State, and the chief fiscal or administrative officer
or officers or governing body of each municipality, town, body politic,
public body corporate, school, road, drainage, improvement, con-
struction or soil conservation district or commission in the State,
including, by way of enumeration and not in limitation, the Upper
Potomac River Commission, the State Roads Commission, county
school boards and other political subdivisions and bodies politic of
the State and any agency of any political subdivision of the State,
and the trustees or other officers in charge of any pension or retire-
ment system or fund of the State or any political subdivision thereof
or any agency or department of either are hereby severally directed,
authorized and empowered to invest, redeem, sell, exchange and
reinvest all unexpended or surplus moneys in any fund or account
of which they have custody or control either in bonds or other
obligations for the payment of principal and interest of which the
faith and credit of the United States of America are pledged, or in
obligations of the Federal National Mortgage Association, the Fed-
eral Home Loan Bank, or Federal Land Bank, FEDERAL LAND
BANKS, FEDERAL INTERMEDIATE CREDIT BANKS OR
BANKS FOR COOPERATIVES, ISSUED PURSUANT TO ACTS
OF CONGRESS, or to deposit said moneys in any bank or banks in
the State of Maryland in interest-bearing time deposit and/or sav-
ings accounts. Such deposits in bank shall only be made where the
bank has deposited a like amount of bonds in escrow, as now pre-
scribed by law, covering bank deposits. The interest or income from
any such investment or deposit shall be and become a part of the
fund from which the investment or deposit was made and may
itself be so invested or deposited, provided, however, that where the
fund so invested, or deposited constitutes the proceeds of the issue
of bonds or other obligations, the principal of and/or interest on
which the issuer is obligated to repay to the holders thereof, the
interest or income from such investments may be used to pay the
principal and/or interest on the same by the issuer. Investments or
deposits made pursuant to this section may be withdrawn or altered
from time to time by the investing or depositing officer or governing
body either to meet the requirements for which such funds are held
or for reinvestment pursuant to the terms hereof.

All such investments made prior to March 2, 1943, are hereby
legalized, validated, ratified and confirmed, notwithstanding the
absence of statutory authority therefor or any inconsistent provision
of law.

Sec. 2. And be it further enacted, That this Act shall take effect
June JULY 1, 1971.

Approved April 29, 1971