PARRIS N. GLENDENING, Governor                            H.B. 582

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article 95 - Treasurer

22.

(a) Except as provided in subsection [(c)] (B) of this section, and subject to § 22F
of this article, and notwithstanding any provision of a local law or ordinance, the [county
commissioners] GOVERNING BODY of each county [ of the State,] and [the chief fiscal
or administrative officer or officers or governing body of each municipality, town, body
politic, public body corporate, school,] MUNICIPAL CORPORATION, EACH COUNTY
BOARD OF EDUCATION, AND THE GOVERNING BODY OF EACH road, drainage,
improvement, construction or soil conservation district or commission in the State,
[including, by way of enumeration and not in limitation,] the Upper Potomac River
Commission, and [county school boards and] ANY other political [subdivisions and
bodies] SUBDIVISION OR BODY politic of the State [and any agency of any political
subdivision of the State are hereby severally directed, authorized and empowered to], OR
THEIR AUTHORIZED ACKNOWLEDGED AGENT, SHALL ARE DIRECTED.
AUTHORIZED, AND EMPOWERED TO invest, redeem, sell, exchange and reinvest all
unexpended or surplus [moneys] MONEY in any fund or account of which they have
custody or control in obligations or repurchase agreements in accordance with § 6-222 of
the State Finance and Procurement Article, or [to] deposit [said moneys]
UNEXPENDED OR SURPLUS MONEY in any FEDERALLY INSURED bank [or banks] in
the State of Maryland or in any FEDERALLY INSURED savings and loan association IN
THE STATE OF MARYLAND [or savings and loan associations or in any building and loan
association or building and loan associations] in interest-bearing time deposit [and/or]
OR savings accounts, or in the local government investment pool created in this article.
[In Prince George's County the Chief Fiscal Officer is hereby authorized and empowered
to invest, redeem, sell, exchange, and reinvest unexpended or surplus moneys in any fund
or account of which he has custody or control, in addition to all those items previously
listed herein, and with the approval of the county council, in any enterprise fund operated
by and for the benefit of Prince George's County and its residents. Such deposits]
DEPOSITS in banks or in savings and loan associations [or building and loan
associations] shall only be made if the bank or savings and loan [ associations or building
and loan associations has deposited a like amount of bonds in escrow, as now prescribed
by law, covering bank deposits, savings and loan deposits, building and loan deposits, or if
the bank, savings and loan association or building and loan] association has given as
security for these deposits any of the types of collateral set forth in § 6-202 of the State
Finance and Procurement Article. The interest or income from any such investment or
deposit shall [be and] become a part of the fund from which the investment or deposit
was made and may itself be so invested or deposited!, provided, however, that where]. IF
the fund so invested!,] or deposited constitutes the proceeds of the issue of bonds or
other obligations, the principal of [and/or] OR interest on which the issuer is obligated to
repay to the holders thereof, the interest or income from [such] THE investments may be
used to pay the principal [and/or] OR interest [on the same] by the issuer. Investments
or deposits made pursuant to this section may be withdrawn or altered from time to time

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