Md. Code, Transportation § 4-317

All public officers and public agencies of this State and its political subdivisions, all banks, trust companies, savings and loan associations, investment companies, and others carrying on a banking business, all insurance companies, insurance associations, and others carrying on an insurance business, all personal representatives, guardians, trustees, and other fiduciaries, and all other persons may legally and properly invest funds, including capital in their control or belonging to them, in revenue bonds, notes, and other evidences of obligation issued under this subtitle. These bonds, notes, and other evidences of obligation may legally and properly be deposited with and received by any State or municipal officer or any agency or political subdivision of this State for any purpose for which the deposit of bonds or other obligations of this State is authorized by law.