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LAWS OF MARYLAND

Ch. 277

CHAPTER 277

(House Bill 1853)

AN ACT concerning

Chartered Counties and Baltimore City - Investments, Redemptions
Sales, Exchanges, and Reinvestments

FOR the purpose of authorizing the Controller, Director of
Finance, or similar official of a chartered county or
Baltimore City to invest, redeem, sell, exchange, and
reinvest certain unexpended or surplus moneys bond proceeds
and other funds in bonds, notes, or other obligations of a
certain grade issued by or on behalf of this State or any
other state or any agency, department, county, municipal or
public corporation, special district, authority, or
political subdivision of this State or any other state,
either directly or through a certain trust or fund; and
making this Act an emergency measure.

BY adding to

Article 95 - Treasurer
Section 22L

Annotated Code of Maryland
(1985 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 95 - Treasurer

22L.

NOTWITHSTANDING ANY OTHER PROVISION OF LAW AND IN ADDITION
TO ANY OTHER AUTHORITY PROVIDED BY LAW, THE CONTROLLER, DIRECTOR
OF FINANCE, OR SIMILAR OFFICIAL OF A CHARTERED COUNTY OR
BALTIMORE CITY MAY INVEST, REDEEM, SELL, EXCHANGE, AND REINVEST
UNEXPENDED OR SURPLUS MONEYS IN ANY FUND OR ACCOUNT BOND SALE
PROCEEDS AND OTHER FUNDS WHICH ARE SUBJECT TO ARBITRAGE, REBATE,
OR SIMILAR LIMITATIONS UNDER FEDERAL TAX LAW, OF WHICH THE
CONTROLLER, DIRECTOR OF FINANCE, OR SIMILAR OFFICIAL HAS CUSTODY
OR CONTROL IN BONDS, NOTES, OR OTHER OBLIGATIONS OF INVESTMENT
GRADE QUALITY, AS ESTABLISHED BY A NATIONALLY RECOGNIZED RATING
AGENCY, ISSUED BY OR ON BEHALF OF THIS STATE OR ANY OTHER STATE
OR ANY AGENCY, DEPARTMENT, COUNTY, MUNICIPAL OR PUBLIC
CORPORATION, SPECIAL DISTRICT, AUTHORITY, OR POLITICAL
SUBDIVISION OF THIS STATE OR ANY OTHER STATE, EITHER DIRECTLY OR
THROUGH A TRUST OR FUND THAT RESTRICTS INVESTMENTS OF THE TRUST
OR FUND TO OBLIGATIONS OF INVESTMENT GRADE QUALITY.