2748

LAWS OF MARYLAND

Ch. 735

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
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pursuant to this section may be withdrawn or altered from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.

22.5.

(A) (1) THERE IS A LOCAL GOVERNMENT INVESTMENT POOL.
THE LOCAL GOVERNMENT INVESTMENT POOL CONSISTS OF THE
AGGREGATE OF ALL FUNDS FROM LOCAL GOVERNMENTS THAT ARE
PLACED IN THE CUSTODY OF THE STATE FOR INVESTMENT AND
REINVESTMENT.

(2)  THE INVESTMENT POLICIES FOR THE LOCAL
GOVERNMENT INVESTMENT POOL SHALL BE ESTABLISHED BY THE
TREASURER.

(3)  THE TREASURER SHALL ADMINISTER THE LOCAL
GOVERNMENT INVESTMENT POOL ON BEHALF OF THE PARTICIPATING
LOCAL GOVERNMENTS.

(4)  THE TREASURER SHALL DEVELOP SUCH PROCEDURES
NECESSARY FOR THE EFFICIENT ADMINISTRATION OF THE POOL,
INCLUDING:

(I) SPECIFICATION OF MINIMUM AMOUNTS WHICH
MAY BE DEPOSITED IN THE POOL AND MINIMUM PERIODS OF TIME FOR
WHICH DEPOSITS SHALL BE RETAINED IN THE POOL;