HARRY HUGHES, Governor                                        151

Article - State Finance and Procurement
6-222.

(a) The Treasurer may invest or reinvest unexpended or
surplus money over which the Treasurer has custody;

(1) in any obligation for which the United States has
pledged its faith and credit for the payment of the principal and
interest;

(2) in any obligation that a federal agency issues in
accordance with an act of Congress; [or]

(3) in a repurchase agreement that any of these
obligations secures; OR

(4) WITH RESPECT TO BOND SALE PROCEEDS ONLY, 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 OR ANY OTHER STATE OR ANY AGENCY,
DEPARTMENT, COUNTY, MUNICIPAL OR PUBLIC CORPORATION, SPECIAL
DISTRICT, AUTHORITY, OR POLITICAL SUBDIVISION THEREOF, OR IN ANY
FUND OR TRUST THAT INVESTS ONLY IN SECURITIES OF THE TYPE
DESCRIBED IN THIS PARAGRAPH.

(b) The Treasurer may sell, redeem, or exchange an
investment or reinvestment made under this section.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, it shall take effect from the date of its passage.

Approved March 12, 1986.

CHAPTER 8

(Senate Bill 1067)

AN ACT concerning

Tobacco Tax - Applicability of Supplemental Tax on Cigarettes

FOR the purpose of altering the time of applicability for the
supplemental State tax on cigarettes; providing for the
retroactive effect of this Act; and making this Act an
emergency measure.