PARRIS N. GLENDENING, Governor

Ch. 457

municipal or public corporation, special district, authority, or political subdivision
thereof, or in any fund or trust that invests only in securities of the type described in this
paragraph;

(6) commercial paper that has received the highest letter and numerical
rating by at least one nationally recognized statistical rating organization as designated by
the United States Securities and Exchange Commission, provided that such commercial
paper may not exceed 5% of the total investments made by the Treasurer under this
subsection;

(7) money market mutual funds registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, 15 U.S.C. § 80(a), as. amended,
and operated in accordance with Rule 2A-7 of the Investment Company Act of 1940, 17
C.F.R. § 270.2A-7, as amended[, and that have received the highest possible rating from
at least one nationally recognized statistical rating organization as designated by the
United States Securities and Exchange Commission]; and

(8) any investment portfolio created under the Maryland Local Government
investment pool defined under Article 95, § 22G of the Code that is administered by the
Office of the State Treasurer.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

Approved May 8, 1997.

CHAPTER 457
(House Bill 601)

AN ACT concerning

Takoma Park Unification - County Income Tax Receipts for 1997

PG 416-97

FOR the purpose of requiring the Comptroller to distribute to Prince George's County
and Montgomery County in a certain manner the net income tax revenue for a
certain taxable year attributable to the county income tax paid by certain residents
of the City of Takoma Park; providing for the calculation of the State share of
certain basic current expenses, compensatory education funds and the minimum
library program in a certain fiscal year for Montgomery and Prince George's
Counties; making this Act an emergency measure; and generally relating to the
distribution of the net income tax revenue for a certain taxable year attributable to
the county income tax paid by certain residents of the City of Takoma Park and the
calculation of the State share of education and library expenditures for a certain
fiscal year.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, notwithstanding the provisions of §§ 2-608 and 10-103(a) of the Tax

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