HARRY HUGHES, Governor

2393

invested, or deposited constitutes the proceeds of the issue
of bonds or other obligations, the principal of and/or
interest on which the issuer is obligated to repay to the
holders thereof, the interest or income from such
investments may be used to pay the principal and/or interest
on the same by the issuer. Investments or deposits made
pursuant to this section may be withdrawn or altered from
time to time by the investing or depositing officer or
governing body either to meet the requirements for which
such funds are held or for reinvestment pursuant to the
terms hereof.

All such investments made prior to March 2, 1943, are
hereby legalized, validated, ratified and confirmed,
notwithstanding the absence of statutory authority therefor
or any inconsistent provision of law.

22D.

(A) THE TREASURER OF THIS STATE MAY INVEST, REDEEM,
SELL, EXCHANGE, AND REINVEST ANY UNEXPENDED OR SURPLUS MONEY
OF ANY FUND OR ACCOUNT OVER WHICH HE THAT OFFICER HAS
CUSTODY AS TREASURER IN THE FOLLOWING TYPES OF SECURITIES:

(1) (I) ANY BOND OR OTHER OBLIGATION FOR THE
PAYMENT OF PRINCIPAL AND INTEREST FOR WHICH THE FAITH AND
CREDIT OF THE UNITED STATES OF AMERICA ARE PLEDGED; OR

(II) ANY OBLIGATION OF ANY FEDERAL
GOVERNMENTAL AGENCY THAT IS ISSUED UNDER AN ACT OF CONGRESS;
OR

(2)  IN A REPURCHASE AGREEMENT THAT IS SECURED BY
ANY BOND OR OTHER OBLIGATION OF THE TYPE IN WHICH THE
TREASURER MAY REINVEST UNDER SUBSECTION (A)(1) OF THIS
SECTION;

(3)  ANY INTEREST-BEARING DEPOSIT IN A BANK,
SAVINGS AND LOAN ASSOCIATION, OR BUILDING AND LOAN
ASSOCIATION IN THIS STATE, WHICH DEPOSIT SHALL BE
COLLATERALIZED IN THE MANNER SET FORTH IN § 21A OF THIS
ARTICLE.

(B)(1) UNLESS OTHERWISE SPECIFICALLY PROVIDED BY LAW
OR BY REGULATIONS PROMULGATED BY THE STATE TREASURER, THE
INTEREST OR INCOME FROM ANY INVESTMENT OF STATE FUNDS BY THE
TREASURER SHALL BE CREDITED TO THE GENERAL FUND OF THIS
STATE.

(2) THE INTEREST OR INCOME FROM ANY INVESTMENT
BY THE TREASURER OF ANY MONEY OF THE DEPARTMENT OF
TRANSPORTATION SHALL BE CREDITED TO THE APPROPRIATE FUND OR
ACCOUNT OF THE DEPARTMENT OF TRANSPORTATION.

22E.