HARRY HUGHES, Governor

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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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
hereby 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, the same shall take effect from the date of its
passage.

May 27, 1986
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404