ROBERT L. EHRLICH, JR., Governor                             Ch. 124

(2)      (I) a certificate that states the total number of those State bonds
and coupons and that attests to the destruction of all of them by a method satisfactory
to the Treasurer; or

[(2)] (II) if the Treasurer requires, the State bonds and coupons that the
agent has redeemed since the last accounting or transmittal under this subsection;

(3)     AN ACCOUNTING OF THE STATE BONDS AND COUPONS THAT HAVE
NOT BEEN REDEEMED DURING ANY ALLOWED REDEMPTION PERIOD THAT EXPIRED
SINCE THE PRIOR ACCOUNTING PROVIDED UNDER THIS SUBSECTION; AND

(4)   • THE TOTAL UNREDEEMED PRINCIPAL AND INTEREST ON ANY STATE
BONDS AND COUPONS FOR WHICH THE REDEMPTION PERIOD HAS EXPIRED SINCE
THE PRIOR ACCOUNTING PROVIDED UNDER THIS SUBSECTION.

(g) (1) The Treasurer shall examine, count, and record each State bond and
coupon that a fiscal agent returns.

(2)     Once every 2 years, after the Legislative Auditor verifies the records
of the Treasurer, the Comptroller and the Treasurer or their deputies shall destroy all
State bonds and coupons that the fiscal agents returned before the close of the last
fiscal year.

(3)     The State bonds and coupons shall be destroyed in the presence of the
Legislative Auditor or a designee of the Auditor.

(4)     The Comptroller, Treasurer, and Legislative Auditor shall execute a
certificate that states the total number of State bonds and coupons destroyed and that
attests to the destruction of all of them.

(h) The Treasurer shall:

(1)     keep all certificates of destruction; and

(2)     send copies of each certificate to the presiding officers of the General
Assembly.

(I) THE TREASURER SHALL:

(1)      DEPOSIT UNREDEEMED PRINCIPAL AND INTEREST INTO AN
UNPRESENTED BOND AND COUPON ACCOUNT; AND

(2)      DISPOSE OF UNREDEEMED PRINCIPAL AND INTEREST AS PROVIDED
IN TITLE 17 OF THE COMMERCIAL LAW ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2004.

Approved April 27, 2004.

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