1028

LAWS OF MARYLAND

Ch. 11

(C)  SURETY BOND.

DURING ITS AGENCY, THE FISCAL AGENT SHALL BE COVERED BY A
SURETY BOND IN THE FORM AND AMOUNT REQUIRED BY LAW.

(D)  DEBT SERVICE.

(1)  IN ACCORDANCE WITH THE PROCEDURES THAT THE
TREASURER SETS, A FISCAL AGENT SHALL PAY AT THE BANKING
INSTITUTION, FROM MONEY ADVANCED TO THE AGENT, THE INTEREST ON
STATE DEBT AND, AS THE PRINCIPAL MATURES, THE PRINCIPAL.

(2)  THE FISCAL AGENT SHALL KEEP A RECEIPT FOR EACH
PAYMENT.

(E)  ACCOUNTS.

EACH FISCAL AGENT SHALL:

(1)  ALLOW THE TREASURER TO INSPECT THE AGENT'S
ACCOUNTS AT ANY TIME; AND

(2)  PROVIDE COPIES OF THE ACCOUNTS ON REQUEST OF:

(I)  THE SENATE;

(II)  THE HOUSE OF DELEGATES;

(III)  THE COMPTROLLER; OR

(IV)  THE TREASURER.

(F)  DISPOSITION BY FISCAL AGENT.

AT LEAST ONCE EVERY 6 MONTHS, EACH FISCAL AGENT SHALL SEND
TO THE TREASURER:

(1)  AN ACCOUNTING OF THE STATE BONDS AND COUPONS THAT
THE AGENT HAS REDEEMED SINCE THE LAST ACCOUNTING OR TRANSMITTAL
UNDER THIS SUBSECTION AND A CERTIFICATE THAT STATES THE TOTAL
NUMBER OF THOSE STATE BONDS AND COUPONS AND THAT ATTESTS TO THE
DESTRUCTION OF ALL OF THEM BY A METHOD SATISFACTORY TO THE
TREASURER; OR

(2)  IF THE TREASURER REQUIRES, THE STATE BONDS AND
COUPONS THAT THE AGENT HAS REDEEMED SINCE THE LAST ACCOUNTING OR
TRANSMITTAL UNDER THIS SUBSECTION.

(G)  DISPOSITION OF RETURNED STATE BONDS AND COUPONS.

(1) THE TREASURER SHALL EXAMINE, COUNT, AND RECORD
EACH STATE BOND AND COUPON THAT A FISCAL AGENT RETURNS.