2750

LAWS OF MARYLAND

Ch. 735

(E)  THE PRINCIPAL AND CREDITED INCOME OF EACH ACCOUNT
MAINTAINED FOR A PARTICIPANT IN THE INVESTMENT POOL SHALL BE
SUBJECT TO PAYMENT AT ANY TIME FROM THE POOL UPON REQUEST,
PROVIDED THAT THE REQUEST FOR PAYMENT IS MADE IN ACCORDANCE
WITH THE TERMS OF THE DEPOSIT. ACCUMULATED INCOME SHALL BE
CREDITED TO EACH PARTICIPANT ACCOUNT AT LEAST MONTHLY.

(F)  EXCEPT AS PROVIDED IN THIS SECTION, ALL
INSTRUMENTS OF TITLE OF ALL INVESTMENTS OF THE INVESTMENT
POOL SHALL REMAIN IN THE CUSTODY OF THE TREASURER. THE
TREASURER MAY DEPOSIT WITH ONE OR MORE FISCAL AGENTS OR
BANKS THOSE INSTRUMENTS OF TITLE HE CONSIDERS ADVISABLE, TO
BE HELD IN SAFEKEEPING BY THE AGENTS OR BANKS FOR COLLECTION
OF THE PRINCIPAL AND INTEREST OR OTHER INCOME, OR OF THE
PROCEEDS OF SALE. THE TREASURER SHALL COLLECT THE PRINCIPAL
AND INTEREST OR OTHER INCOME FROM INVESTMENTS OF THE
INVESTMENT POOL, THE INSTRUMENTS OF TITLE TO WHICH ARE IN
HIS CUSTODY, WHEN DUE AND PAYABLE.

(C) IN THE EVENT OF DEFAULT IN THE PAYMENT OF

PRINCIPAL OR INTEREST OR OTHER INCOME OF ANY INVESTMENT OF
THE INVESTMENT POOL, THE TREASURER MAY:

(1) INSTITUTE THE PROPER PROCEEDINGS TO COLLECT
THE MATURED PRINCIPAL OR INTEREST OR OTHER INCOME;

(2) ACCEPT FOR EXCHANGE PURPOSES REFUNDING BONDS
OR OTHER EVIDENCES OF INDEBTEDNESS AT INTEREST RATES TO BE
AGREED UPON BY THE TREASURER AND THE OBLIGOR;

(3) MAKE COMPROMISES, ADJUSTMENTS, OR

DISPOSITION OF THE MATURED PRINCIPAL OR INTEREST OR OTHER
INCOME AS THE TREASURER CONSIDERS ADVISABLE FOR THE PURPOSE
OF PROTECTING THE MONEYS INVESTED; AND

(4) MAKE COMPROMISES OR ADJUSTMENTS AS TO FUTURE
PAYMENTS OF PRINCIPAL OR INTEREST OR OTHER INCOME AS THE
TREASURER CONSIDERS ADVISABLE FOR THE PURPOSE OF PROTECTING
THE MONEYS INVESTED.

(H) (G) A PAYMENT MAY NOT BE ISSUED UPON ANY ACCOUNT
IN AN AMOUNT GREATER THAN THE SUM TOTAL OF THE PARTICULAR
ACCOUNT TO WHICH IT APPLIES. IF SUCH PAYMENT IS ISSUED, THE
TREASURER SHALL BE PERSONALLY LIABLE UNDER HIS OFFICIAL BOND
FOR THE ENTIRE OVERDRAFT RESULTING FROM THE PAYMENT IF MADE
IT SHALL BE REFUNDED BY THE DISTRIBUTEE.

(I) (H) (1) SUBJECT TO THE OBJECTIVES AND REQUIREMENTS
OF THIS SECTION, THE TREASURER SHALL FORMULATE PROCEDURES
FOR THE INVESTMENT AND REINVESTMENT OF FUNDS IN THE
INVESTMENT POOL AND THE ACQUISITION, RETENTION, MANAGEMENT,
AND DISPOSITION OF INVESTMENTS OF THE INVESTMENT POOL.

(2) (I) THE TREASURER MAY ENTER INTO A
CONTRACTUAL AGREEMENT WITH A QUALIFIED MARYLAND FISCAL AGENT
AND MAY COMPENSATE THE AGENT FOR SERVICES RENDERED.