Ch. 446                                    1995 LAWS OF MARYLAND

(ii) Invest OR REINVEST the proceeds of the check, directly or by
securities or other interests of a broker or dealer, in general obligations of or obligations
guaranteed by the United States or this State, or other obligations of the United States or
this State or of its political subdivisions, agencies, authorities, or municipal corporations
that are rated in one of the two highest rating categories by a nationally recognized credit
rating agency[.], OR IN THE FORM OF SECURITIES OR OTHER INTERESTS IN ANY
OPEN-END MANAGEMENT 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 SUCH MANAGEMENT INVESTMENT COMPANY
OR INVESTMENT TRUST INVESTS PRIMARILY IN MONEY MARKET INSTRUMENTS.
THAT IS REGISTERED UNDER, AND MEETS THE CRITERIA OF A MONEY MARKET
FUND THAT ARE SPECIFIED IN, THE FEDERAL INVESTMENT COMPANY ACT OF 1940,
15 U.S.C. § 80A-1 ET SEQ., AND THE REGULATIONS ADOPTED UNDER THAT LAW.

(2)     If the trustee deposits the check in a financial institution under
paragraph (1) (i) of this subsection, the trustee may direct the financial institution to
invest OR REINVEST the proceeds of the check in a certificate of deposit or other interest
bearing account.

(3)     Deposits in a financial institution under paragraph (1) (i) of this
subsection may not exceed the amount of insurance provided for such deposits.

(4) TRUST ASSETS HELD BY A BROKER OR DEALER MAY BE
REINVESTED IN THE MANNER-SPECIFIED IN SUBSECTION (B)(1)(II) OF THIS SECTION.

(4)     INVESTMENTS IN MONEY MARKET FUNDS UNDER PARAGRAPH
(1)(II) OF THIS SUBSECTION MAY NOT EXCEED 25% OF TRUST ASSETS AT THE TIME OF
THE INVESTMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

Approved May 18, 1995.

CHAPTER 446

(House Bill 680)

AN ACT concerning

Baltimore City - Police Death Relief Fund - Counsel

FOR the purpose of providing that the legal counsel to the Baltimore City Police Death
Relief Fund shall be the legal adviser to the Baltimore City Police Department; and
repealing the requirement that the Attorney General shall be the legal adviser.

BY repealing and reenacting, with amendments,

Article 24 - Political Subdivisions - Miscellaneous Provisions
Section 16-105(f)

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