Md. Code, Local Government § 17-103
This is the official text of Md. Code, Local Government § 17-103, part of Maryland’s Code, Local Government — governs the powers and operations of Maryland counties and municipalities.
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§17–103.
Official statutory text
(a) This section applies to bond sale proceeds and other money that are:
(1) subject to arbitrage, rebate, or similar limitations under federal tax law; and
(2) in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City.
(b) Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may:
(1) invest and reinvest bond proceeds and other money to which this section applies:
(i) in bonds, notes, or other obligations that are:
1. of investment grade quality as established by a nationally recognized rating agency; and
2. issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and
(ii) directly or through a trust or fund that restricts investments to obligations of investment grade quality; and
(2) sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.
(1) subject to arbitrage, rebate, or similar limitations under federal tax law; and
(2) in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City.
(b) Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may:
(1) invest and reinvest bond proceeds and other money to which this section applies:
(i) in bonds, notes, or other obligations that are:
1. of investment grade quality as established by a nationally recognized rating agency; and
2. issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and
(ii) directly or through a trust or fund that restricts investments to obligations of investment grade quality; and
(2) sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.
Status: in_force · Read it on the official government site
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