Ch. 635                             MARVIN MANDEL, Governor                                1285

relating generally to a committee on management of public funds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 92 through 96, inclusive, be and they are hereby
added to Article 40 of the Annotated Code of Maryland ([[1971 Replacement
Volume and]] 1972 Supplement), title "General Assembly," to follow immediately
after Section 91 thereof, and to be under the new subtitle "Joint Committee on the
Management of Public Funds," and all to read as follows:

JOINT COMMITTEE ON THE MANAGEMENT OF PUBLIC FUNDS

92.

THE JOINT COMMITTEE OF PUBLIC FUNDS IS ESTABLISHED.
THERE SHALL BE SIX MEMBERS OF THE COMMITTEE, THREE TO BE
MEMBERS OF THE SENATE OF MARYLAND AND THREE TO BE
MEMBERS OF THE HOUSE OF DELEGATES OF MARYLAND. THE
RESPECTIVE APPOINTMENTS SHALL BE MADE BY THE PRESIDENT
OF THE SENATE AND THE SPEAKER OF THE HOUSE OF DELEGATES,
WHO JOINTLY SHALL DESIGNATE THE CHAIRMAN AND
VICE-CHAIRMAN OF THE COMMITTEE. THE RESPECTIVE
APPOINTEES SHALL SERVE AT THE PLEASURE OF THE PRESIDENT
OF THE SENATE AND THE SPEAKER OF THE HOUSE OF DELEGATES.
THE COMMITTEE SHALL BE IN EXISTENCE UNTIL JULY 1, 1975, AT
WHICH TIME IT SHALL TERMINATE, UNLESS EXTENDED BY THE
GENERAL ASSEMBLY.

93.

THE COMMITTEE SHALL MEET AT TIMES IT DEEMS
APPROPRIATE. THE MEMBERS SHALL BE REIMBURSED FOR
EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES.
THE COMMITTEE SHALL POSSESS THE POWERS OF THE
LEGISLATIVE COUNCIL AS PROVIDED IN SECTION 30 OF THIS
ARTICLE.

94.

THE FUNCTION OF THE COMMITTEE SHALL BE:

1.   TO REVIEW THE POLICIES AND PROCEDURES OF THE STATE
TREASURER WITH RESPECT TO THE INVESTMENT AND
MANAGEMENT OF STATE FUNDS IN THE TREASURY;

2.     TO REVIEW THE POLICIES AND PROCEDURES OF THE
INVESTMENT AND MANAGEMENT OF STATE FUNDS WHICH ARE
NOT IN THE TREASURY OTHER THAN FUNDS SUBJECT TO THE
JURISDICTION OF ANY OF THE RETIREMENT SYSTEMS; AND

3.     TO REVIEW THE POLICIES AND PROCEDURES OF THE
INVESTMENT AND MANAGEMENT OF PUBLIC FUNDS BY LOCAL
GOVERNMENTS.

95.

THE FUNCTION AND POWER OF THE STATE TREASURER WITH
RESPECT TO THE TREASURER'S MEMBERSHIP ON THE BOARD OF
PUBLIC WORKS SHALL NOT BE SUBJECT TO REVIEW BY THE JOINT