This section applies to bond sale proceeds and other money that are: subject to arbitrage, rebate, or similar limitations under federal tax law; and in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City. Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may: invest and reinvest bond proceeds and other money to which this section applies: in bonds, notes, or other obligations that are: of investment grade quality as established by a nationally recognized rating agency; and issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and directly or through a trust or fund that restricts investments to obligations of investment grade quality; and sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.