HARRY HUGHES, Governor

3911

Article 95 - Treasurer

22.

Notwithstanding any provision of law or ordinance to the
contrary or any limitation or restriction contained in any other
law or ordinance, the county commissioners of each county of the
State, and the chief fiscal or administrative officer or officers
or governing body of each municipality, town, body politic,
public body corporate, school, road, drainage, improvement,
construction or soil conservation district or commission in the
State, including, by way of enumeration and not in limitation,
the Upper Potomac River Commission, county school boards and
other political subdivisions and bodies politic of the State and
any agency of any political subdivision of the State, and the
trustees or other officers in charge of any pension or retirement
system or fund of the State or any political subdivision thereof
or any agency or department of either are hereby severally
directed, authorized and empowered to invest, redeem, sell,
exchange and reinvest all unexpended or surplus moneys in any
fund or account of which they have custody or control either in
bonds or other obligations for the payment of principal and
interest of which the faith and credit of the United States of
America are pledged, or in obligations of federal governmental
agencies issued pursuant to acts of Congress, OR A REPURCHASE
AGREEMENT THAT IS SECURED BY ANY BOND OR OTHER OBLIGATION OF THE
TYPE IN WHICH THE TREASURER MAY REINVEST UNDER SECTION 22F(A)(1)
OF THIS ARTICLE, or to deposit said moneys in any bank or banks
in the State of Maryland or in any savings and loan association
or savings and loan associations or in any building and loan
association or building and loan associations in interest-bearing
time deposit and/or savings accounts, or in the local government
investment pool created in this article. In Prince George's
County the chief fiscal officer is hereby authorized and
empowered to invest, redeem, sell, exchange, and reinvest
unexpended or surplus 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