2940

LAWS OF MARYLAND

[Ch. 634

(3)    Obligations issued or guaranteed by an
agency of the United States government;

(4)    Student loans guaranteed by the United
States government or the State of Maryland;

(5)    Federal Deposit Insurance Corporation
insurance[.];

(6)    FEDERAL SAVINGS AND LOAN INSURANCE
CORPORATION INSURANCE;

(7) MARYLAND SAVINGS-SHARE INSURANCE
CORPORATION INSURANCE;

[(6)] (8) Obligations of State, county, city or
other governmental authorities and instrumentalities of
Maryland.

22.

Notwithstanding any provision of law or ordinance to
the contrary 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, construction 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 retirement 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,
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 OR IN ANY SAVINGS AND LOAN
ASSOCIATION OR SAVINGS AND LOAN ASSOCIATIONS OR IN ANY
BUILDING AND LOAN ASSOCIATION OR BUILDING AND LOAN
ASSOCIATIONS in interest—bearing time deposit and/or
savings accounts. Such deposits in banks OR IN SAVINGS