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Ch. 435
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2005 LAWS OF MARYLAND
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CHAPTER 435
(House Bill 1470)
AN ACT concerning
Natural Resources - Chesapeake Bay Trust - Investments
FOR the purpose of altering the investment authority of the Chesapeake Bay Trust;
requiring the overall investment portfolio of the Trust to have at least a certain
rating; and generally relating to investments and the Chesapeake Bay Trust.
BY repealing and reenacting, with amendments,
Article - Natural Resources
Section 8-1908(b)
Annotated Code of Maryland
(2000 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Natural Resources
8-1908.
(b) (1) [Any] EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, ANY money of the Trust, in its discretion and unless otherwise provided
in any agreement or covenant between the Trust and the holders of any of its
obligations limiting or restricting classes of investments, may be invested in bonds or
other obligations of [, or guaranteed as to principal and interest by,]the United
States, the State, [or] the political subdivisions or units of the State, DIRECT OR
INDIRECT FEDERAL AGENCIES, CORPORATE BONDS WITH A RATING OF BAA3/BBB, OR
MORTGAGE BACKED AND ASSET BACKED SECURITIES WITH A RATING OF AAA.
(2) THE OVERALL INVESTMENT PORTFOLIO OF THE TRUST MUST HAVE
A RATING OF AT LEAST AA.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2005.
Approved May 10, 2005.
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- 2016 -
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