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Ch. 396 2006 LAWS OF MARYLAND
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(D) THE TREASURER MAY ESTABLISH THE LINKED DEPOSIT PROGRAM FOR
INVESTMENT OF DEPOSITS IN ANY FINANCIAL INSTITUTION THAT:
(1) THE TREASURER HAS DESIGNATED AS A DEPOSITORY FOR STATE
MONEY; AND
(2) MAKES A LOAN IN ACCORDANCE WITH SUBSECTION (B) OF THIS
SECTION.
(E) (1) THE TREASURER MAY PURCHASE A CERTIFICATE ONE OR MORE
CERTIFICATES OF DEPOSIT THAT IS ARE EQUAL TO:
(I) THE AMOUNT OF THE LOAN MADE BY THE FINANCIAL
INSTITUTION IN ACCORDANCE WITH SUBSECTION (B) OF THIS SECTION; OR
(II) THE AGGREGATE AMOUNT OF TWO OR MORE LOANS MADE BY
ONE OR MORE FINANCIAL INSTITUTIONS IN ACCORDANCE WITH SUBSECTION (B) OF
THIS SECTION.
(2) IN PURCHASING A CERTIFICATE OF DEPOSIT UNDER THIS
SUBSECTION, THE TREASURER MAY ACCEPT A RATE THAT GIVES A IS 2 PERCENTAGE
POINT PREFERENCE TO THE FINANCIAL INSTITUTION POINTS BELOW CURRENT
MARKET RATES OR AN INDEX SELECTED BY THE TREASURER.
(3) THE TREASURER MAY USE UP TO $50,000,000 TO PURCHASE
CERTIFICATES OF DEPOSIT IN AN AMOUNT EQUIVALENT TO THE AMOUNT
FINANCIAL INSTITUTIONS LOAN TO CERTIFIED MINORITY BUSINESS ENTERPRISES.
(F) UPON NOTIFICATION BY THE TREASURER THE DEPARTMENT OF HOUSING
AND COMMUNITY DEVELOPMENT THAT A MINORITY BUSINESS ENTERPRISE
PARTICIPATING IN THE LINKED DEPOSIT PROGRAM IS NO LONGER CERTIFIED
UNDER TITLE 14, SUBTITLE 3 OF THIS ARTICLE, THE FINANCIAL INSTITUTION
TREASURER SHALL REDUCE THE AMOUNT OF THE LOAN CERTIFICATE OF DEPOSIT
WITH THE PARTICIPATING FINANCIAL INSTITUTION BY THE OUTSTANDING
BALANCE OF THE LOAN MADE UNDER THIS SECTION TO THE DECERTIFIED
MINORITY BUSINESS ENTERPRISE.
(G) (1) A LOAN ASSISTED BY A LINKED DEPOSIT IS NOT A DEBT OF THE
STATE OR A PLEDGE OF THE CREDIT OF THE STATE.
(2) THE TREASURER AND THE STATE ARE NOT LIABLE TO ANY
FINANCIAL INSTITUTION FOR PAYMENT OF THE PRINCIPAL OR INTEREST ON A LOAN
ASSISTED BY A LINKED DEPOSIT.
(H) THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT AND
THE TREASURER MAY ADOPT REGULATIONS TO CARRY OUT THIS SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That, on or before December
31, 2007, the Department of Housing and Community Development, in consultation
with the Treasurer, shall report to the Governor and, in accordance with § 2-1246 of
the State Government Article, to the Economic Matters Committee and the Finance
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