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§ 17-103. Charter counties and Baltimore City

MD Local Gov Code § 17-103 (2019) (N/A)
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(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.

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