WILLIAM DONALD SCHAEFER, Governor                         Ch. 196

(d) The clerk of the proper court shall provide a suitable well-bound book, at the
expense of the county or city, to be called the environmental service lien docket, in which
the notices of liens shall be recorded and indexed. The clerk may not collect more than $2
for recording and indexing each lien or release of any lien.

3-126.

(a)     The Service may provide for the creation, continuation, and administration of
whatever funds may be required. Money in these funds and other money of the Service
shall be deposited, as directed by the Service, in any State or national bank, or federally
insured savings and loan associations having a total paid-in capital of at least $1,000,000
or in any financial institution in which the State Treasurer is authorized to deposit State
funds. The trust department of any State or national bank or savings and loan association
may be designated as a depository to receive any securities acquired or owned by the
Service. The restriction with respect to paid-in capital may be waived for any qualifying
bank or savings and loan association which agrees to pledge securities of the State or of
the United States to protect the funds and securities of the Service in amounts and under
arrangements acceptable to the Service.

(b)     Any money of the Service, in its discretion and unless otherwise provided in
any agreement or covenant between the Service and the holders of any of its obligations
limiting or restricting classes of investments, may be invested in:

(1)     Bonds or other obligations of, or guaranteed as to principal and interest
by, the United States or the State or its political subdivisions or units; or

(2)     Any other obligation or security in which the State Treasurer may invest
under § 6-222 of the State Finance and Procurement Article.

(c)     The Service shall make provision for a system of financial accounting,
controls, audits, and reports. All accounting systems and records, auditing procedures and
standards, and financial reporting shall conform to generally accepted principles of
governmental accounting. The Service shall adopt the fiscal year of July 1 to June 30,
designate the necessary funds for complete accountability, and specify the basis of
accounting for each fund.

(d)     As soon as practical after the closing of the fiscal year, an audit shall be made
of the financial books, records, and accounts of the Service. The audit shall be made by
independent certified public accountants, selected by the Service and licensed to practice
in the State. The accountants may not have a personal interest either directly or indirectly
in the fiscal affairs of the Service. They shall be experienced and qualified in the
accounting and auditing of public bodies. The report of audit shall be prepared in
accordance with generally accepted auditing principles and point out any irregularities
found to exist. The accountants shall report the results of their examination, including
their unqualified opinion on the presentation of the financial position of the various funds
and the results of the Service's financial operations. If they are unable to express an
unqualified opinion they shall state and explain in detail the reasons for their
qualifications, disclaimer, or opinion including recommendations necessary to make
possible future unqualified opinions.

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