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Ch. 377
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2152
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LAWS OF MARYLAND
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MARYLAND, That Section 22 of Article 95 - Treasurer, of
the Annotated Code of Maryland (1969 Replacement Volume
and 1976 Supplement) be and it is hereby repealed and
reenacted, with amendments, to read as follows:
Article 95 — Treasurer
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 todies
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 federal governmental agencies 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. IN PRINCE GEORGE'S
COUNTY THE CHIEF FISCAL OFFICER IS HEREBY AUTHORIZED AND
EMPOWERED TO INVEST, REDEEM, SELL, EXCHANGE, AND REINVEST
UNEXPENDED OR SURPLUS MONEYS IN ANY FUND OR ACCOUNT OF
WHICH HE HAS CUSTODY OR CONTROL, IN ADDITION TO ALL THOSE
ITEMS PREVIOUSLY LISTED HEREIN, AND WITH THE APPROVAL OF
THE COUNTY COUNCIL, IN ANY ENTERPRISE FUND OPERATED BY
AND FOR THE BENEFIT OF PRINCE GEORGE'S COUNTY AND ITS
RESIDENTS. Such deposits in banks or in savings and
loan associations or building and loan associations shall
only be made if the bank or savings and loan associations
or building and loan associations has deposited a like
amount of bonds in escrow, as now prescribed by law,
covering bank deposits, savings and loan deposits,
building and loan deposits, or if the bank, savings and
loan association or building and loan association has
given as security for these deposits any of the types of
collateral set forth in § 21A of this article. The
interest or income from any such investment or deposit
shall be and become a part of the fund from which the
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