Sec. 10-115. Selection of County Depositories
Codified through Bill No. CB-018-2026, adopted May 12, 2026, effective July 24, 2026. Source: Municode, Supplement 2026 Update 2. Editorial notes and legislative history omitted.
Prince George's County, Md., Code § 10-115 (2026)
Sec. 10-115. Selection of County DepositoriesLinkCopy Citation
(a)
Definitions. In this Section, the following terms have the following meanings:
(1)
County funds means any unexpended monies received by the County or appropriated or approved by the Council or to which the County may at any time have legal or equitable title, provided such funds are not needed for disbursement to pay for the daily operation of government. "County funds" does not include "United States Agency Securities" (defined herein as "bonds issued or guaranteed by United States federal government agencies or bonds issued by United States government-sponsored enterprises (GSEs)"). "County funds" shall not include the unspent proceeds of debt issued by the County, provided that the Office of Finance shall deposit unspent proceeds of debt issued by the County in county-based banking institutions or depositories, minority banking institutions or depositories, or small banking institutions or depositories to the extent it deems fiscally practicable.
(2)
County-based Banking Institution or Depository is a banking institution or depository classified under North American Industry Classification System (NAICS) Code 522110 whose principal place of business (and location of principal executive offices) is within Prince George's County, MD.
(3)
Minority Banking Institution or Depository is a banking institution or depository classified under NAICS Code 522110 and recognized by the Federal Deposit Insurance Corporation (FDIC) as a minority depository institution in accordance with the FDIC's operating statement of policy.
(4)
Small Banking Institution or Depository is a banking institution or depository classified under NAICS Code 522110 and defined as a "small bank" in accordance with 12 CFR Part 228.12.
(b)
The Director of Finance shall select the banking institutions or depositories, with one or more branch locations within the County, for the deposit of County funds, subject to approval of the Council as to acceptable depositories, without relieving the Director of Finance of liability for security of such deposits according to law.
(1)
By July 1, 2017, subject to compliance with state law and regulation, at least fifty percent (50%) of County funds, shall be deposited and maintained in
(A)
county-based banking institutions or depositories,
(B)
minority banking institutions or depositories, or
(C)
small banking institutions or depositories.
(2)
If the Director of Finance determines in writing that the percentage requirement of Subparagraph (1), above, is not practical, it may be adjusted by resolution of the County Council, with concurrence of the County Executive, after public hearing.