§ 17-103
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/md/local-government/17-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§17–103.
(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.