MARVIN MANDEL, Governor                                 527

added making reference to the requirements
of this proposed section.

As to the financial impact of this new
section, the cost of maintaining the lien
docket, similar to that of other lien
dockets, would be borne by the county or
city. The expense for recording and
indexing a lien or release would be that of
whoever seeks to have recorded and indexed
the instrument.

3-127. FINANCIAL AFFAIRS GENERALLY.

(A) CREATION, CONTINUATION, ADMINISTRATION, AND
DEPOSIT OF FUNDS; DEPOSITARIES FOR SECURITIES.—THE
SERVICE MAY PROVIDE FOR THE CREATION, CONTINUATION,
AND ADMINISTRATION OF WHATEVER FUNDS MAY BE REQUIRED.
MONEY IN THESE FUNDS AND OTHER MONEY OF THE SERVICE
SHALL BE DEPOSITED, AS DIRECTED BY THE SERVICE, IN ANY
STATE OR NATIONAL BANK, OR FEDERALLY OR STATE INSURED
SAVINGS AND LOAN ASSOCIATIONS LOCATED IN THE STATE
HAVING A TOTAL PAID-IN CAPITAL OF AT LEAST $1,000,000.
THE TRUST DEPARTMENT OF ANY STATE OR NATIONAL BANK OR
SAVINGS AND LOAN ASSOCIATION MAY BE DESIGNATED AS A
DEPOSITORY TO RECEIVE ANY SECURITIES ACQUIRED OR OWNED
BY THE SERVICE. THE RESTRICTION WITH RESPECT TO
PAID-IN CAPITAL MAY BE WAIVED FOR ANY QUALIFYING BANK
OR SAVINGS AND LOAN ASSOCIATION WHICH AGREES TO PLEDGE
SECURITIES OF THE STATE OR OF THE UNITED STATES TO
PROTECT THE FUNDS AND SECURITIES OF THE SERVICE IN
AMOUNTS AND UNDER ARRANGEMENTS ACCEPTABLE TO THE
SERVICE.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 24 (a) of
the Code.

(E) INVESTMENT OF FUNDS ANY MONEY OF THE

SERVICE, IN ITS DISCRETION AND UNLESS OTHERWISE
PROVIDED IN ANY AGREEMENT OR COVENANT BETWEEN THE
SERVICE AND THE HOLDERS OF ANY OF ITS OBLIGATIONS
LIMITING OR RESTRICTING CLASSES OF INVESTMENTS, MAY BE
INVESTED IN BONDS OR OTHER OBLIGATIONS OF, OR
GUARANTEED AS TO PRINCIPAL AND INTEREST BY, THE UNITED
STATES OR THE STATE OR IN THE POLITICAL SUBDIVISIONS
OR UNITS.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 24(b) of
the Code.