§ 6-223
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/md/state-finance-and-procurement/6-223·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–223.
(a)Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if:
(1)the deposit is interest bearing; and
(2)as provided for a depositary for State money:
(i)the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and
(ii)a custodian holds the collateral.
(b)The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.