2392

LAWS OF MARYLAND

Ch. 604

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows: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 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 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
investment or deposit was made and may itself be so invested
or deposited, provided, however, that where the fund so