1528                                         LAWS OF MARYLAND                                      Ch. 402

Controller of Anne Arundel County and the Director of Finance of
Howard County may invest, redeem, sell, exchange, and reinvest
unexpended or surplus moneys in any fund or account of which he
has custody or control in banker's acceptances.

(B) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, AND IN
ADDITION TO ANY OTHER AUTHORITY PROVIDED BY LAW, THE CONTROLLER

OF ANNE ARUNDEL COUNTY MAY INVEST, REDEEM, SELL, EXCHANGE, AND
REINVEST UNEXPENDED OR SURPLUS MONEYS IN ANY FUND OR ACCOUNT OF

WHICH THE CONTROLLER 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.

Article 41 - Governor - Executive and

Administrative Departments

440.

(c) (2) Each loan agreement shall include;

(i) A provision for payments of interest only
for a 5-year period from the date of the loan;

(ii) A provision for payments of principal and
interest, in accordance with an amortization schedule that the
Secretary approves, for not more than a 40-year period from the
end of the 5-year period;

(iii) A provision for an interest rate that
equals [the net interest costs of the]:

1. [Most recent sale of State general
obligation bonds before the date of the loan plus 1/8 of 1
percent for a loan made from sources other than State general
obligation bond proceeds; or] THE NET INTEREST COST OF THE MOST

RECENT SALE OF STATE GENERAL OBLIGATION BONDS BEFORE THE DATE OF
THE LOAN PLUS 1/8 OF 1 PERCENT, FOR A LOAN MADE FROM SOURCES
OTHER THAN STATE GENERAL OBLIGATION BOND PROCEEDS;

2. [Sale of State general obligation
bonds out of which the loan is made plus 1/8 of 1 percent for a
loan made from the proceeds of a State general obligation bond

issue;] FOR A LOAN MADE FROM THE PROCEEDS OF A STATE GENERAL
OBLIGATION BOND ISSUE EITHER:

A. THE NET INTEREST COST OF THE SALE OF
STATE GENERAL OBLIGATION BONDS OUT OF WHICH THE LOAN IS MADE PLUS
1/8 OF 1 PERCENT; OR