§ 17–103

Statutes in effect as of October 1, 2026.

Md. Code Ann., Local Gov't § 17-103 (2026)

Title 17. Investment by Local Government

Subtitle 1. In General

(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.