WILLIAM DONALD SCHAEFER, Governor                         Ch. 569

Approved May 26, 1994.

CHAPTER 569
(House Bill 541)

AN ACT concerning

State Treasury—Deposits of State Deposits of State and Local Money - Lawful Collateral

FOR the purpose of adding, to the types of collateral that may be used for certain
deposits of State and local money, a surety bond issued by certain insurance
companies meeting certain rating requirements; restricting the circumstances under
which a surety bond may be used as collateral for deposits of State money; and
generally relating to collateral used for deposits of State and local money.

BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 6-202 and 6-209(b)
Annotated Code of Maryland
(1988 Replacement Volume and 1993 Supplement)

BY repealing and reenacting, without amendments,
Article 95 - Treasurer
Section 22

Annotated Code of Maryland
(1991 Replacement Volume and 1993 Supplement)

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

Article - State Finance and Procurement

6-202.

Collateral that may be used under this subtitle shall be:

(1)     an obligation of the United States or any of its agencies;

(2)     an obligation guaranteed by the United States or by any of its agencies;

(3)     an obligation insured by the United States;

(4)     an obligation of the State or any of its units or instrumentalities:

(5)     an obligation of a county of the State or any of its agencies:

(6)     an obligation of a municipal corporation in the State or any of its
agencies;

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