WILLIAM DONALD SCHAEFER, Governor                   Ch. 611

(1985 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 95 - Treasurer

22N.

(A)  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY OR
ANY LIMITATION OR RESTRICTION CONTAINED IN ANY OTHER LAW,
WHENEVER THE COUNTY COMMISSIONERS OF ANY COUNTY OF THE STATE, OR
THE CHIEF FISCAL OR ADMINISTRATIVE OFFICER OR OFFICERS OR
GOVERNING BODY OF ANY MUNICIPALITY, TOWN, BODY POLITIC, PUBLIC
BODY CORPORATE, SCHOOL, ROAD, DRAINAGE, IMPROVEMENT,
CONSTRUCTION, OR SOIL CONSERVATION DISTRICT OR COMMISSION IN THE
STATE, INCLUDING, BY WAY OF ENUMERATION AND NOT IN LIMITATION,
THE UPPER POTOMAC RIVER COMMISSION, OR ANY COUNTY SCHOOL BOARD OR
OTHER POLITICAL SUBDIVISION OR BODIES POLITIC OF THE STATE, OR
ANY AGENCY OF ANY POLITICAL SUBDIVISION OF THE STATE, OR THE
TRUSTEES OR OTHER OFFICERS IN CHARGE OF ANY PENSION OR RETIREMENT
SYSTEM OR FUND OF THE STATE OR ANY POLITICAL SUBDIVISION THEREOF
OR ANY AGENCY OR DEPARTMENT OF EITHER ARE DIRECTED, AUTHORIZED,
EMPOWERED, OR PERMITTED TO INVEST IN, PURCHASE, OR TAKE AS
COLLATERAL A BOND, OBLIGATION, OR OTHER EVIDENCE OF INDEBTEDNESS
OF THE UNITED STATES OF AMERICA, THEY ARE DIRECTED, AUTHORIZED,
EMPOWERED, AND PERMITTED TO INVEST IN, PURCHASE, OR TAKE AS
COLLATERAL AN OBLIGATION OR SECURITY OF, OR OTHER INTEREST IN,
ANY OPEN-END OR CLOSED-END MANAGEMENT TYPE INVESTMENT COMPANY OR
INVESTMENT TRUST REGISTERED UNDER THE PROVISIONS OF THE FEDERAL
INVESTMENT COMPANY ACT OF 1940, 15 U.S.C. § 80A-1 ET SEQ., IF:

(I) (1) THE PORTFOLIO OF THE OPEN-END OR CLOSED-END
MANAGEMENT TYPE INVESTMENT COMPANY OR INVESTMENT TRUST IS LIMITED
TO DIRECT OBLIGATIONS OF THE UNITED STATES GOVERNMENT AND TO
REPURCHASED AGREEMENTS FULLY COLLATERALIZED BY UNITED STATES
GOVERNMENT OBLIGATIONS; AND

(II) (2) THE OPEN-END OR CLOSED-END MANAGEMENT TYPE
INVESTMENT COMPANY OR INVESTMENT TRUST TAKES DELIVERY OF THAT
COLLATERAL, EITHER DIRECTLY OR THROUGH AN AUTHORIZED CUSTODIAN.

(B) EACH OF THE LEGAL LOCAL GOVERNMENT ENTITIES, BODIES,
AND AGENCIES SET OUT IN SUBSECTION (A) OF THIS SECTION SHALL
REPORT ANNUALLY TO THE TREASURER, IN ACCORDANCE WITH PROCEDURES
ESTABLISHED BY THE TREASURER, ON ANY INVESTMENTS MADE UNDER THIS
SECTION.

(C) (1) SUBJECT TO § 2-1312 OF THE STATE GOVERNMENT
ARTICLE, THE TREASURER SHALL REPORT BY JANUARY 3 OF EACH YEAR TO
THE GENERAL ASSEMBLY ON ANY INVESTMENTS MADE BY LOCAL GOVERNMENT
ENTITIES UNDER THIS SECTION DURING THE PRECEDING FISCAL YEAR.

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