Ch. 735

LAWS OF MARYLAND

(a) Except as otherwise provided in this subtitle, the
Authority may invest funds in:

(1)  Direct obligations of the United States;

(2)  Obligations as to" which the timely payment of
principal and interest is fully guaranteed by the United States;

(3)  Obligations of the federal intermediate credit
banks, federal banks for cooperatives, federal land banks,
federal home loan banks, Federal National Mortgage Association,
and the Government National Mortgage Association;

(4)  Certificates of deposit or time deposits
constituting direct obligations of any bank as defined by the
laws of this State. However, investments may be made only in
those certificates of deposit or time deposits in banks which are
insured by the Federal Deposit Insurance Corporation or its
successor if then in existence; [and]

(5)  In withdrawable capital accounts or deposits of
State or federal chartered savings and loan associations which
are insured by the Federal Savings and Loan Insurance Corporation
or the State of Maryland Deposit Insurance Fund Corporation; AND

(6)  ANY OTHER OBLIGATIONS OF THE TYPE IN WHICH THE
STATE TREASURER MAY INVEST BOND SALE PROCEEDS OR OTHER FUNDS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
be regarded as conferring powers and authority supplemental and
additional to the powers and authority conferred by other laws
upon the Maryland Higher Educational Supplemental Loan Authority
and may not be regarded as in derogation of any powers now
existing in the Authority.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved June 2, 1987.

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