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2005 LAWS OF MARYLAND
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Ch. 173
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standards set forth in Title 21, Subtitle 2 of the State Personnel and Pensions Article
in connection with funds under their custody or control.
22-0.
(A) (1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "DEPOSITOR" MEANS A LOCAL GOVERNMENT OR ITS AUTHORIZED
ACKNOWLEDGED AGENT MAKING A DEPOSIT OF UNEXPENDED OR SURPLUS MONEY
AS PROVIDED IN THIS SECTION.
(3) "LOCAL GOVERNMENT" MEANS:
(I) THE GOVERNING BODY OF A COUNTY OR MUNICIPAL
CORPORATION;
(II) A COUNTY BOARD OF EDUCATION;
(III) THE GOVERNING BODY OF A ROAD, DRAINAGE, IMPROVEMENT,
CONSTRUCTION, OR SOIL CONSERVATION DISTRICT OR COMMISSION IN THE STATE;
(IV) THE UPPER POTOMAC RIVER COMMISSION; OR
(V) ANY OTHER POLITICAL SUBDIVISION OR BODY POLITIC OF THE
STATE.
(4) "STATE FINANCIAL INSTITUTION" MEANS ANY OF THE FOLLOWING
INSTITUTIONS THAT HAVE A BRANCH IN THE STATE THAT TAKES DEPOSITS:
(I) BANK, TRUST COMPANY, OR SAVINGS BANK INCORPORATED
UNDER THE LAWS OF THE STATE;
(II) BANK INCORPORATED UNDER FEDERAL LAW;
(III) BANK INCORPORATED UNDER THE LAWS OF ANY OTHER STATE;
OR
(IV) SAVINGS AND LOAN ASSOCIATION INCORPORATED UNDER THE
LAWS OF THE STATE OR OF THE UNITED STATES.
(B) NOTWITHSTANDING THE PROVISIONS OF § 22 OF THIS ARTICLE, A LOCAL
GOVERNMENT MAY DEPOSIT UNEXPENDED OR SURPLUS MONEY IN ANY FEDERALLY
INSURED BANK OR SAVINGS AND LOAN ASSOCIATION WITHOUT THE SECURITY
REQUIRED IN § 22(A) OF THIS ARTICLE IF:
(1) THE UNEXPENDED OR SURPLUS MONEY IS INITIALLY PLACED FOR
DEPOSIT WITH A STATE FINANCIAL INSTITUTION SELECTED BY THE DEPOSITOR;
(2) THE STATE FINANCIAL INSTITUTION SELECTED BY THE DEPOSITOR
ARRANGES FOR THE FURTHER DEPOSIT OF THE MONEY INTO ONE OR MORE
CERTIFICATES OF DEPOSIT OF NOT MORE THAN $100,000 EACH IN ONE OR MORE
FEDERALLY INSURED BANKS OR SAVINGS AND LOAN ASSOCIATIONS FOR THE
ACCOUNT OF THE DEPOSITOR;
- 1100 -
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