WILLIAM DONALD SCHAEFER, Governor

Ch. 11

The omission of the language was noted by the Michie
Company.

10-305.

(d) Any redemption of a ground rent, release or assignment
of a mortgage, or satisfaction or assignment of a note, titled or
held in the name of the ["State of Maryland for the use of the
Teachers' Retirement System of the State of Maryland", the "State
of Maryland- for the use of the Employees' Retirement System of
the State of Maryland", or the "State of Maryland for the use of
the State Police Retirement System of the State of Maryland",]
STATE FOR THE USE OF THE MARYLAND STATE INVESTMENT AGENCY shall
be executed in the manner provided by the laws governing the
applicable retirement system.

DRAFTER'S NOTE: This corrects an outdated provision in §
10-305(d) of the State Finance and Procurement
Article.

Ch. 506 of the Acts of 1982 transferred all right,
title, interest, and estate to any interest in real
property titled or owned in the name of the State, for
the use of the various retirement systems, to the
State, for the use of the Maryland State Investment
Agency.

The outdated provision was noted by the counsel to the
Maryland State Retirement and Pension Systems.

13-1106.

(c) (1) Except as provided in paragraph (2) of this
[section] SUBSECTION, and if federal regulations permit
application of this requirement to federally funded projects
without jeopardy to timely recovery of federal funds, the
Department of Transportation or the Maryland Transportation
Authority shall pay to the escrow agent the funds retained.

(2)  Funds withheld for lack of progress or other
contractor violations on the part of the contractor may not be
paid to the escrow agent.

(3)  The escrow agent, in accordance with the
stipulations contained in the escrow agreement may:

(i) Invest the funds paid into the account; and

(ii) Pay earnings on the investments to the

contractor to the extent the contractor is entitled to the

retainage under [subsection (d)(ii)] SUBSECTION (D)(2)(II) of
this section.

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