PARRIS N. GLENDENING, Governor                            H.B. 996

generally relating to the powers and duties of the Charles County Treasurer and the
investment of County funds.

BY repealing and reenacting, with amendments,
The Public Local Laws of Charles County
Section 136-9 B.

Article 9 - Public Local Laws of Maryland
(1994 Edition, as amended)

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

Article 9 - Charles County

136-9.

B. Short-term investments and other income-producing deposits; disbursements;
county authority. The Treasurer shall invest in short-term United States government
securities; OR REPURCHASE AGREEMENTS; FULLY SECURED BY UNITED STATES
GOVERNMENT SECURITIES. IN EACH CASE. WITH STATED MATURITIES OF THE
INVESTMENTS NOT EXCEEDING 270 DAYS OR THE LOCAL GOVERNMENT
INVESTMENT POOL ESTABLISHED IN ARTICLE 95, § 22G OF THE CODE or deposit in
income-producing bank accounts [or a building association deposit], FOR A PERIOD
NOT EXCEEDING 270 DAYS, such county funds as are not required to be used [within
fifteen (15) days] for IMMEDIATE disbursement or expenditures for county purposes[,].
INVESTMENTS OR AND DEPOSITS ARE subject to the approval of the County
Commissioners as to the amount so available for [such] investment or deposit and the
acceptable securities or, depositories, OR FINANCIAL INSTITUTIONS; [without
relieving] HOWEVER, SUCH APPROVAL SHALL NOT RELIEVE the Treasurer of liability
for the security of such investment or deposit INVESTMENTS AND DEPOSITS according to
law. Such INVESTMENTS OR deposits shall only be made when the bank OR FINANCIAL
INSTITUTION [or building association] has set aside a like amount of [bonds] UNITED
STATES TREASURY BILLS, BONDS, OR NOTES AS ACCEPTABLE COLLATERAL in
escrow, [as prescribed by law,] covering THE bank deposits [or building association
deposits, as such deposit is] BY AT LEAST A MARKET VALUE OF 102% OF THE
INVESTMENT OR DEPOSIT AMOUNT TO THE EXTENT THAT SUCH INVESTMENTS OR
DEPOSITS ARE NOT secured by government insurance. Interest earned on investment
INVESTMENTS AND DEPOSITS in any one fiscal year [must] SHALL be used NO LATER
THAN the following fiscal year for general county expenses. The Treasurer shall pay out
all moneys only upon orders from the County Commissioners or any other body that may
be authorized by law to give said orders, by check upon [said] THE bank or trust
company, signed by [said] THE Treasurer. It shall be in the power of the County
Commissioners to require money to be paid by the Treasurer, at any time [he] THE
TREASURER may have it in [his] THE TREASURER'S possession or deposited as
aforesaid, for the payment of bills that may be levied against the county, and the failure
of the Treasurer to conform to the requirements of the County Commissioners to such
payment as herein set forth shall subject [said] THE Treasurer to a liability to the county
for an amount equivalent to all such money thus held [by him] and ordered to be paid
over at [six percent (6%)] 6% per annum until it shall be so paid over and also a

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