# State Finance and Procurement (GSF)

## Title 6. Revenues

### Subtitle 2. State Treasury

#### Section 6-201

(a) In this subtitle the following words have the meanings indicated.

(b) "Banking institution" means an institution that is incorporated under the laws of the State as a State bank, trust company, or savings bank.

(c) "Collateral" means collateral that is listed under Sec. 6-202 of this subtitle.

(d) "Deposit insurance" means insurance by:

  (1) the Federal Deposit Insurance Corporation; or

  (2) the Resolution Trust Corporation created under Sec. 21A of the Federal Home Loan Bank Act (12 U.S.C. Sec. 1441a.).

(e) "Financial institution" means:

  (1) any banking institution;

  (2) any national banking association;

  (3) an institution that is incorporated under the laws of any other state as a bank; or

  (4) an institution that is incorporated under the laws of this State or of the United States as a savings and loan association.

(f) "National banking association" means an institution that is incorporated under federal law as a bank.

(g) "State money" for purposes of Sec.Sec. 6-209 and 6-210 of this subtitle includes money in a bank account maintained under the control of an employee or official of the clerk of the court or register of wills.

#### Section 6-202

Collateral that may be used under this subtitle shall be:

(1) an obligation of the United States or any of its agencies;

(2) an obligation guaranteed by the United States or by any of its agencies;

(3) an obligation insured by the United States;

(4) an obligation of the State or any of its units or instrumentalities;

(5) an obligation of a county of the State or any of its agencies;

(6) an obligation of a municipal corporation in the State or any of its agencies;

(7) an obligation of any other governmental authority in the State;

(8) an obligation of the Inter-America Development Bank;

(9) an obligation of the World Bank;

(10) an obligation of the following government-sponsored enterprises:

  (i) the Federal Home Loan Banks;

  (ii) the Federal Home Loan Mortgage Corporation;

  (iii) the Federal National Mortgage Association;

  (iv) the Farm Credit System;

  (v) the Federal Agricultural Mortgage Corporation; and

  (vi) the Student Loan Marketing Association;

(11) a surety bond if:

  (i) subject to the terms and conditions of the bond, it is irrevocable and absolute;

  (ii) the surety bond is issued by an insurance company authorized to do business in this State;

  (iii) the issuer of the surety bonds does not provide surety bonds for any one financial institution in an amount that exceeds 10% of the surety bond insurer's policyholders' surplus and contingency reserve, net of reinsurance; and

  (iv) the claims-paying ability of the authorized insurance company is rated, at all relevant times, in the highest category by at least two nationally recognized rating agencies acceptable to the Treasurer;

(12) an obligation or security of, or other interest in, any open-end or closed-end management type investment company or investment trust registered under the provisions of the federal Investment Company Act of 1940, 15 U.S.C. Sec. 80a-1 et seq., if:

  (i) the portfolio of the open-end or closed-end management type investment company or investment trust is limited to direct obligations of the United States government and to repurchase agreements fully collateralized by United States government obligations; and

  (ii) the open-end or closed-end management type investment company or investment trust takes delivery of that collateral, either directly or through an authorized custodian; or

(13) a letter of credit issued by a Federal Home Loan Bank if the letter of credit meets the conditions under the guidelines issued by the State Treasurer's office.

#### Section 6-203

(a) The Treasurer shall give 15% of the weight of the decision to the standards established in this section in deciding whether to:

  (1) designate a financial institution as a depositary for State money under Sec. 6-205 of this subtitle; and

  (2) make an agreement with a financial institution for a banking service under Sec. 6-229 of this subtitle.

(b)

  (1) The Treasurer shall consider whether the financial institution received a rating of "needs improvement" or "substantial noncompliance" in its most recent examination under the federal Community Reinvestment Act of 1977, P.L. Number 95-128.

  (2) If a financial institution operates in a state other than Maryland, the Treasurer shall consider Maryland-specific information that is provided within the assessment area section of the Community Reinvestment Act report.

(c)

  (1) The Treasurer shall consider whether, during the previous 5 years, a court in Maryland has found, in a final adjudication, that a financial institution has violated any antidiscrimination statute or regulation.

  (2) The Treasurer may consider whether, during the previous 5 years, a court outside Maryland has found, in a final adjudication, that a financial institution has violated any antidiscrimination statute or regulation.

  (3) The Treasurer may determine how to assess a violation under paragraph (1) or (2) of this subsection if the violation was committed by:

    (i) an affiliate of the financial institution; or

    (ii) an entity acquired by the financial institution.

(d) The Treasurer shall consider whether the financial institution has demonstrated that during the previous 5 years, the financial institution has:

  (1) successfully made loans in Maryland through State or federal lending programs designed to assist small and minority-owned businesses;

  (2) had an active outreach program to assist small and minority-owned businesses through which the financial institution has made efforts in Maryland; and

  (3) established strategic partnerships in Maryland with entities whose mission is to provide technical assistance to small and minority-owned businesses.

#### Section 6-205

(a) Subject to the limitations in this subtitle and in any other law, the Treasurer may designate any financial institution as a depositary for State money.

(b) The Treasurer may designate foreign banks and similar institutions as depositaries for the purpose of conducting State government activities outside the United States. The deposits in such institutions may not exceed the amount appropriated in the budget for conducting State government activities outside the United States.

#### Section 6-206

The Treasurer may not designate a financial institution or a foreign institution as a depositary unless the Governor approves the designation.

#### Section 6-209

(a) State money on deposit with a financial institution shall be secured by:

  (1) deposit insurance; or

  (2) collateral as required by this section.

(b)

  (1) The collateral for State money on deposit with a financial institution:

    (i) must have, at all times, a market value that equals or exceeds the State money that is on deposit with the financial institution and is not covered by deposit insurance; and

    (ii) must be approved by the Treasurer.

  (2) If the collateral is a surety bond under Sec. 6-202 of this subtitle:

    (i) the surety bond shall be in a form and amount acceptable to the Treasurer as determined by the Treasurer from time to time; and

    (ii) the financial institution that provides the surety bond as collateral shall immediately notify the Treasurer if the rating assigned to the issuing insurance company by any rating agency, found acceptable to the Treasurer under Sec. 6-202 of this subtitle, is withdrawn or downgraded, in which event the financial institution shall immediately provide the Treasurer with substitute collateral permitted under Sec. 6-202 of this subtitle.

  (3) Subject to the requirements of this subsection, a financial institution may change its collateral from time to time.

(c)

  (1) A custodian shall hold the collateral under this section for the benefit of the State.

  (2) A financial institution may use as a custodian:

    (i) any banking institution that is approved by the Commissioner of Financial Regulation to conduct commercial banking business in the State;

    (ii) a federal reserve bank; or

    (iii) any national banking association that is approved by the Comptroller of the Currency to conduct banking business in the State.

  (3) A financial institution may not be approved as custodian for the collateral of a depositary unless the assets of the financial institution equal or exceed 200% of the value of the collateral to be held for the depositary.

#### Section 6-210

(a)

  (1) On request of the Treasurer, a depositary for State money shall submit to the Treasurer or a designee of the Treasurer a report that states:

    (i) the total amount of State money on deposit with the depositary;

    (ii) the total amount of collateral and deposit insurance for the money; and

    (iii) the market value of the collateral for the money.

  (2) Each national banking association that is a depositary for State money shall submit to the Comptroller of the Currency each report for which the Comptroller asks.

  (3) Each banking institution that is a depositary for State money shall submit to the Commissioner of Financial Regulation each report for which the Commissioner asks.

  (4) Each other bank that is a depositary for State money shall submit to the banking authority for the state where the bank has its principal office each report for which the banking authority of that state asks.

(b) On request of the Treasurer a custodian shall submit to the Treasurer or a designee of the Treasurer a report that states the total amount of collateral that a depositary has with the custodian.

#### Section 6-212

(a)

  (1) There is a Linked Deposit Program for Small Businesses in the Department of Housing and Community Development.

  (2) The purpose of the Linked Deposit Program for Small Businesses is to stimulate opportunities for small businesses to have access to credit by assisting these businesses in obtaining loans at lower than market interest rates.

(b) A loan qualifies under the Linked Deposit Program for Small Businesses if the loan:

  (1) satisfies the lending criteria of the financial institution;

  (2) has a term not exceeding 10 years;

  (3) is made to a small business qualified under Title 14, Subtitle 5 of this article;

  (4) has an interest rate that the financial institution charges on a loan for a similar purpose and a similar term that is reduced by at least the lesser of:

    (i) 2 percentage points; or

    (ii) the difference between the financial institution's rate on a 60-month certificate of deposit and the interest rate acceptable to the Treasurer for its deposits; and

  (5) has points or fees charged at loan closing not exceeding 1 percent of the loan amount.

(c) The Department of Housing and Community Development shall:

  (1) confirm with the Department of General Services that each loan under the Linked Deposit Program for Small Businesses is made to a business that qualifies as a small business;

  (2) establish procedures for notification by the Department of General Services if a business that has an outstanding balance of a loan under the Linked Deposit Program for Small Businesses no longer qualifies as a small business;

  (3) require small businesses and lenders to notify the Department of Housing and Community Development concerning final loan disposition; and

  (4) report annually to the Governor, the Treasurer, and, in accordance with Sec. 2-1257 of the State Government Article, the General Assembly on overall performance of the Linked Deposit Program for Small Businesses.

(d) The Treasurer may establish the Linked Deposit Program for Small Businesses for investment of deposits in any financial institution that:

  (1) the Treasurer has designated as a depository for State money; and

  (2) makes a loan in accordance with subsection (b) of this section.

(e)

  (1) The Treasurer may make one or more interest bearing deposits that are equal to:

    (i) the amount of the loan made by the financial institution in accordance with subsection (b) of this section; or

    (ii) the aggregate amount of two or more loans made by one or more financial institutions in accordance with subsection (b) of this section.

  (2) In making an interest bearing deposit under this subsection, the Treasurer may accept a rate that is up to 2 percentage points below current market rates or an index selected by the Treasurer.

  (3) The Treasurer may use up to $50,000,000 to make interest bearing deposits in an amount equivalent to the amount financial institutions loan to qualified small businesses.

  (4) Notwithstanding the provisions of Sec. 6-202 of this subtitle, the Treasurer may make an interest bearing deposit under this subsection in any financial institution without the security required in Sec. 6-202 of this subtitle if:

    (i) the funds are initially placed for deposit with a financial institution selected by the Treasurer;

    (ii) the financial institution selected by the Treasurer arranges for the further deposit of the money into one or more certificates of deposit, each in an amount of not more than the applicable Federal Deposit Insurance Corporation maximum insurance coverage limit, in one or more financial institutions for the account of the Treasurer;

    (iii) at the same time the money is deposited and the certificates of deposit are issued for the benefit of the Treasurer by other financial institutions, the financial institution selected by the Treasurer receives an amount of deposits from customers of other banks or savings and loan associations equal to the amount of money initially deposited by the Treasurer;

    (iv) each certificate of deposit issued for the Treasurer's account is insured by the Federal Deposit Insurance Corporation for 100% of the principal and accrued interest of the certificate of deposit; and

    (v) the financial institution selected by the Treasurer acts as custodian for the depositor with respect to the certificates of deposit issued for the Treasurer's account.

(f)

  (1) Subject to paragraph (2) of this subsection, on notification by the Department of Housing and Community Development that a small business participating in the Linked Deposit Program for Small Businesses no longer qualifies as a small business under Title 14, Subtitle 5 of this article, the Treasurer shall reduce the amount of the interest bearing deposit with the participating financial institution by the outstanding balance of the loan made under this section to the small business that no longer qualifies under Title 14, Subtitle 5 of this article.

  (2) A small business that loses its qualification due to revenue or employee growth may not be considered unqualified for purposes of paragraph (1) of this subsection.

(g)

  (1) A loan assisted by a linked deposit is not a debt of the State or a pledge of the credit of the State.

  (2) The Treasurer and the State are not liable to any financial institution for payment of the principal or interest on a loan assisted by a linked deposit.

(h) The Department of Housing and Community Development and the Treasurer may adopt regulations to carry out this section.

#### Section 6-213

(a) Except as otherwise provided by law, in accordance with regulations and policies adopted by the Treasurer and the Comptroller, each unit of the State government shall:

  (1) pay into depositaries designated by the Treasurer for the account of the State Treasury all collections, fees, income, and other revenues that are received by the unit; and

  (2) account to the Comptroller for those revenues.

(b) The Comptroller shall credit the revenues that a unit pays into depositaries designated by the Treasurer for the account of the State Treasury:

  (1) to the account that the law specifies; or

  (2) if the law does not specify an account, to an account that the Comptroller designates for the use of the unit.

(c)

  (1) With the approval of the Governor, the Comptroller:

    (i) shall exempt revenues from the requirements of subsection (a) of this section if the Comptroller determines that the exemption would be in the public interest; and

    (ii) may rescind an exemption.

  (2) The Comptroller shall keep a record that shows each exemption and the reasons for it.

  (3) The records shall be kept in the Office of the Comptroller and shall be open to public inspection.

(d)

  (1) In this subsection, "State institution" includes a hospital or center that the State operates.

  (2) The Treasurer may exclude from the State Treasury the personal funds that a State institution holds for its residents or clients.

  (3) A State institution shall use, as a depositary for these funds, a financial institution that the Treasurer approves.

  (4) The Treasurer may require the submission of a proposed agreement between the State institution and the financial institution and may approve or disapprove the agreement.

  (5) The accounts established by a State institution shall be interest bearing accounts.

  (6) All interest on money of a resident or client of a State institution shall be credited to the resident or client.

  (7) A State institution shall:

    (i) keep records of all transactions that involve money of a resident or client; and

    (ii) provide the resident or client with a statement of those transactions at least each 6 months and on discharge. ?

#### Section 6-214

Each person who collects or receives money for the State and who is not subject to Sec. 6-213(a) of this subtitle shall:

(1) pay the money into the State Treasury as provided by law; and

(2) account to the Comptroller for the money:

  (i) at the times and in the manner that the law specifies; or

  (ii) if the law does not specify the time and manner, as the Comptroller considers necessary.

#### Section 6-215

(a)

  (1) The Comptroller may not allow a warrant for payment of money into the State Treasury to be issued until a record is made in the Office of the Comptroller.

  (2) The record shall state:

    (i) the amount of the warrant; and

    (ii) the account to which the money is credited.

  (3) The Comptroller shall keep an abstract of each warrant for payment of money into the State Treasury.

(b)

  (1) The Treasurer, the Chief Deputy Treasurer, or a deputy treasurer shall endorse, as a receipt, a warrant for payment of money into the State Treasury that the Comptroller or, if authorized by law, the Chief Deputy Comptroller or a deputy comptroller has signed.

  (2) Unless the warrant is signed as required by this subsection, an acknowledgment for money paid into the State Treasury is not valid.

  (3) The Treasurer shall keep, as a voucher, a copy of each warrant for payment of money into the State Treasury.

#### Section 6-216

(a) The Comptroller shall keep accounts that fully and accurately state, by class, State revenues and State expenditures for each fiscal year.

(b) The accounts shall be kept in the Office of the Comptroller.

#### Section 6-217

The account that the Comptroller keeps for the Treasurer shall:

(1) charge the Treasurer with:

  (i) the money that is in the State Treasury when a fiscal year begins; and

  (ii) money that, on warrant, is paid into the State Treasury during the fiscal year; and

(2) credit the Treasurer with money that, on warrant, is paid from the State Treasury.

#### Section 6-218

In an action against a person who is responsible for the receipt or collection of State money or against the surety of the person, a statement of the person's account signed and certified by the Comptroller is prima facie evidence of the amount stated in it as due.

#### Section 6-219

(a) In this section, "claim" includes a claim that is reduced to judgment.

(b)

  (1) Except as provided in paragraph (2) of this subsection and subject to the limitations in this section, the Comptroller may settle a claim of the State that has been in arrears for at least 2 years:

    (i) against a person who receives or collects State money;

    (ii) against the surety of that person; or

    (iii) against any other person.

  (2) If a claim of the State is in arrears against a business entity that has permanently ceased operations, the Comptroller may settle a claim of the State regardless of the period of time for which the claim has been in arrears.

(c) Before settling a claim under this section, the Comptroller shall examine the claim thoroughly and shall be satisfied that the State could not collect the claim through legal process.

(d) To settle a claim so as best to serve the interests of the State, the Comptroller may abate, wholly or partly, the principal or interest that is due to the State.

(e) The Comptroller shall discharge a person and the surety of the person when the agreed sum is paid into the State Treasury.

(f)

  (1) If a claim is settled without payment in full, the Comptroller shall keep a record that states the facts on which the settlement was based.

  (2) The record shall be kept in the Office of the Comptroller.

#### Section 6-222

(a)

  (1) Subject to paragraph (2) of this subsection, the Treasurer may invest or reinvest unexpended or surplus money over which the Treasurer has custody.

  (2) Investments made under paragraph (1) of this subsection shall be in accordance with the limitations for the asset classes and thresholds established in regulations adopted under subsection (f) of this section.

(b) The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section in accordance with the limitations of this section.

(c) Subject to Sec. 2-1257 of the State Government Article, the Treasurer shall report by January 3 of each year to the General Assembly on investment activities for unexpended or surplus money over which the Treasurer has custody which have been conducted during the previous fiscal year. At a minimum, the report shall specify for General Fund investments and all other investments:

  (1) the inventory of investments with maturity dates and the book and market value as of June 30;

  (2) the net income earned;

  (3) the percentage share of each category of investment in the portfolio; and

  (4) any sale of investments prior to the maturity date.

(d) An investment made pursuant to this section shall be made:

  (1) with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;

  (2) in a manner designed to reasonably match the anticipated cash flow of the State so that sufficient funds are available to pay obligations upon proper presentation for payment;

  (3) so that a reasonable amount of cash or cash equivalents is available for unanticipated cash needs;

  (4) with due regard for minimizing risk while maximizing return;

  (5) using competitive purchasing practices except when impractical;

  (6) in accordance with a written investment policy;

  (7) so that the securities and collateral may continue to be priced on a market to market basis; and

  (8) to avoid the enhancement of the personal financial position of the Treasurer or any employee of the Treasurer who has responsibilities for such investments.

(e)

  (1)

    (i) Consistent with minority business purchasing standards applicable to units of State government under this article and consistent with the fiduciary duties of the Treasurer, the Treasurer shall attempt to use to the greatest extent feasible minority business enterprises for brokerage and investment management services under this section.

    (ii) For purposes of this subsection, brokerage and investment management services shall include services relating to all allocated asset classes authorized in the regulations adopted under subsection (f) of this section.

  (2)

    (i) To assist the Treasurer in achieving the goal described under paragraph (1) of this subsection, the Treasurer shall undertake measures to remove any barriers that limit full participation by minority business enterprises in brokerage and investment management services opportunities afforded under this section.

    (ii) The measures undertaken by the Treasurer shall include the use of a wide variety of media, including the Treasurer's website, to provide notice to a broad and varied range of potential providers about the brokerage and investment management services opportunities afforded by the Treasurer.

  (3) In conjunction with the Governor's Office of Small, Minority, and Women Business Affairs, the Treasurer shall develop guidelines to assist in identifying and evaluating qualified minority business enterprises in order to help the Treasurer achieve the objective for greater use of minority business enterprises for brokerage and investment management services under this section.

  (4) On or before September 1 each year, the Treasurer shall submit a report to the Governor's Office of Small, Minority, and Women Business Affairs and, subject to Sec. 2-1257 of the State Government Article, the General Assembly on:

    (i) the identity of the minority business enterprise brokerage and investment management services firms used by the Treasurer in the immediately preceding fiscal year;

    (ii) the percentage and dollar value of the assets under the custody of the Treasurer that are under the investment control of minority business enterprise brokerage and investment management services firms for each allocated asset class; and

    (iii) the measures the Treasurer undertook in the immediately preceding fiscal year in accordance with paragraph (2)(ii) of this subsection.

(f)

  (1) The Treasurer shall adopt regulations that establish a State investment policy.

  (2) The State investment policy shall specify:

    (i) asset classes in which the Treasurer may invest or reinvest certain unexpended or surplus funds; and

    (ii) thresholds for the maximum investment in each asset class authorized under item (i) of this paragraph.

#### Section 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.

#### Section 6-224

(a) Notwithstanding any other provision of law, the Treasurer may invest or reinvest unexpended or surplus State money in obligations that the Maryland Environmental Service issues for a capital project if:

  (1) there is a commitment of federal funds for the project;

  (2) the Service has not received the federal funds;

  (3) the amount of the investment does not exceed the federal commitment; and

  (4) as to any investment or reinvestment that exceeds $500,000, the Board of Public Works approves the investment or reinvestment.

(b) The Treasurer shall set the conditions of the investment or reinvestment, including the term, the interest rate, and any service charge.

(c) The Maryland Environmental Service shall repay the investment or reinvestment when the term that the Treasurer sets ends or, if sooner, when the Service receives the final federal funds.

#### Section 6-225

(a) Notwithstanding any other provision of law, the Treasurer may invest or reinvest State money in any obligation that the Maryland Higher Education Loan Corporation guarantees if:

  (1) a financial institution holds the obligation; and

  (2) the Governor approves the financial institution.

(b)

  (1) The Treasurer may set the conditions of the investment or reinvestment, including the term and any service charge.

  (2) The investments and reinvestments under this section may not exceed:

    (i) for any 1 obligation, 80% of its principal;

    (ii) for any 1 financial institution, the amount by which its holdings in the obligations exceed 1% of the total deposits of the financial institution; and

    (iii) for all obligations, $10,000,000.

(c) If the Treasurer invests or reinvests in an obligation under this section, the financial institution that holds the obligation is the collecting agent of the State for the investment or reinvestment.

#### Section 6-226

(a)

  (1) Except as otherwise specifically provided by law or by regulation of the Treasurer, the Treasurer shall credit to the General Fund any interest on or other income from State money that the Treasurer invests.

  (2)

    (i) This paragraph does not apply in fiscal years 2024 through 2028.

    (ii) Notwithstanding any other provision of law, and unless inconsistent with a federal law, grant agreement, or other federal requirement or with the terms of a gift or settlement agreement, net interest on all State money allocated by the State Treasurer under this section to special funds or accounts, and otherwise entitled to receive interest earnings, as accounted for by the Comptroller, shall accrue to the General Fund of the State.

    (iii) The provisions of subparagraph (ii) of this paragraph do not apply to the following funds:

      (1) Maryland Housing Loan Funds of 1976, 1978, 1979, and 1984;

      (2) Microsoft Cost Share Fund;

      (3) Subsequent Injury Fund;

      (4) Uninsured Employers' Fund;

      (5) Jane E. Lawton Conservation Loan Program;

      (6) Energy Overcharge Restitution Fund;

      (7) PEPCO/Connectiv Settlement Fund;

      (8) Baseball Capital Improvements Fund;

      (9) State Victims of Crime Fund;

      (10) Juvenile Accountability Incentive Block Grant Fund;

      (11) Victim and Witness Protection and Relocation Fund;

      (12) Unclaimed Restitution - Victims of Crime;

      (13) Justice Assistance Grant;

      (14) Byrne Justice Assistance Grant;

      (15) Maryland Election Modernization Fund;

      (16) Scriven Estate Fund;

      (17) Volunteer Company Assistance Fund;

      (18) Radoff Memorial Fund;

      (19) Archives Endowment Account within the Archives Fund;

      (20) Ellefson Endowment Fund;

      (21) Albert C. Ritchie Memorial Fund;

      (22) Senior Prescription Drug Assistance Program Fund;

      (23) Fair Campaign Financing Fund;

      (24) State Employees and Retirees Health and Welfare Benefits Fund;

      (25) Major Information Technology Development Project Fund;

      (26) State Retirement Agency Funds;

      (27) Postretirement Health Benefits Trust Fund;

      (28) Maryland Emergency Medical System Operations Fund;

      (29) State Wildlife Management and Protection Fund;

      (30) Fisheries Management and Protection Fund;

      (31) Ocean Beach Replenishment Fund;

      (32) Community Services Trust Fund;

      (33) Waiting List Equity Fund;

      (34) Health Care Coverage Fund;

      (35) Health Services Cost Review Commission Fund;

      (36) Hospital Uncompensated Care Fund;

      (37) funds in the accounts of Morgan State University;

      (38) funds in the accounts of St. Mary's College of Maryland;

      (39) funds in the accounts of the University System of Maryland;

      (40) Maryland Prepaid College Trust Fund;

      (41) Nurse Support Program Assistance Fund;

      (42) funds in the accounts of the Baltimore City Community College;

      (43) Education Trust Fund;

      (44) Section 8 construction and administration funds administered by the Department of Housing and Community Development;

      (45) MacArthur Grant Fund;

      (46) all special funds within the Department of Commerce;

      (47) Maryland Water Quality Revolving Loan Fund;

      (48) Maryland Drinking Water Revolving Loan Fund;

      (49) Bay Restoration Fund;

      (50) Migratory Game Bird Fund;

      (51) Deer Stamp Fund;

      (52) Wildlife Habitat Incentive Fund;

      (53) Fisheries Research and Development Fund;

      (54) Strategic Energy Investment Fund;

      (55) Criminal Injuries Compensation Fund;

      (56) 50% of the interest from the 9-1-1 Trust Fund;

      (57) all accounts within the State Reserve Fund;

      (58) local revenue accounts collected by the Judiciary;

      (59) Assistive Technology Loan Fund;

      (60) Veterans Trust Fund;

      (61) Transportation Trust Fund;

      (62) Foreclosed Property Registry Fund;

      (63) Asbestos Worker Protection Fund;

      (64) Maryland Innovation Initiative Fund;

      (65) Family Security Trust Fund, subject to Sec. 7-4A-03(d) of the Health Occupations Article;

      (66) Baltimore City Community Enhancement Transit-Oriented Development Fund;

      (67) the Maryland Legal Services Corporation Fund;

      (68) Mortgage Loan Servicing Practices Settlement Fund;

      (69) Maryland Offshore Wind Business Development Fund;

      (70) the Maryland First Scholarship Fund;

      (71) Natalie M. LaPrade Medical Cannabis Commission Fund;

      (72) the Spay/Neuter Fund;

      (73) State Brain Injury Trust Fund;

      (74) the Baltimore City Public School Construction Facilities Fund;

      (75) the Baltimore City Public School Construction Financing Fund;

      (76) the Prekindergarten Expansion Fund;

      (77) the Energy-Efficient Homes Construction Fund;

      (78) the Maryland E-Nnovation Initiative Fund;

      (79) the Innovation Investment Fund;

      (80) the Regional Advanced Manufacturing Partnership of Maryland Fund;

      (81) the Newborn Screening Program Fund;

      (82) the Economic Development Marketing Fund;

      (83) the Uniformed Services Personnel and Veteran-Owned Small Business No-Interest Loan Fund;

      (84) the Baltimore Regional Neighborhood Initiative Program Fund;

      (85) the Strategic Demolition and Smart Growth Impact Fund;

      (86) the Seed Community Development Anchor Institution Fund;

      (87) the Next Generation Scholars of Maryland Program Fund;

      (88) the Construction Education and Innovation Fund;

      (89) the Uninsured Motorist Education and Enforcement Fund;

      (90) the Performance Incentive Grant Fund;

      (91) the Internet Crimes Against Children Task Force Fund;

      (92) the Community Program Fund;

      (93) the Addiction Treatment Divestiture Fund;

      (94) the Maryland Energy Innovation Fund;

      (95) the State Lakes  Protection and Restoration Fund;

      (96) the National Capital Strategic Economic Development Fund;

      (97) the Advance Directive Program Fund;

      (98) the Make Office Vacancies Extinct Matching Fund;

      (99) the Blueprint for Maryland's Future Fund;

      (100) the School Construction Revolving Loan Fund;

      (101) the Safe Schools Fund;

      (102) the Maryland Violence Intervention and Prevention Program Fund;

      (103) the Computing Education and Professional Development Fund;

      (104) the Maryland Prenatal and Infant Care Grant Program Fund;

      (105) the Healthy School Facility Fund;

      (106) the Natalie M. LaPrade Medical Cannabis Compassionate Use Fund;

      (107) the Maryland Police Training and Standards Commission Fund;

      (108) the Pretrial Services Program Grant Fund;

      (109) the Supplemental Facilities Fund;

      (110) the Hemp Farming Fund;

      (111) the Prince George's County Public-Private Partnership Fund;

      (112) the Zero-Emission Vehicle School Bus Transition Fund;

      (113) the Rape Kit Testing Grant Fund;

      (114) the Pedestrian Safety Fund;

      (115) the Legal Representation Fund for Title IX Proceedings;

      (116) the Student Peer Mediation Program Fund;

      (117) the Markell Hendricks Youth Crime Prevention and Diversion Parole Fund;

      (118) the Federal Government Employee Assistance Loan Fund;

      (119) the Racing and Community Development Financing Fund;

      (120) the Racing and Community Development Facilities Fund;

      (121) the Supplemental Public School Construction Facilities Fund;

      (122) the Supplemental Public School Construction Financing Fund;

      (123) the Nancy K. Kopp Public School Facilities Priority Fund;

      (124) the Prescription Drug Affordability Fund;

      (125) the Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund;

      (126) the Michael Erin Busch Sports Fund;

      (127) the Coordinated Community Supports Partnership Fund;

      (128) the Opioid Restitution Fund;

      (129) the Historically Black Colleges and Universities Reserve Fund;

      (130) the Rural Broadband Assistance Fund;

      (131) the Digital Inclusion Fund;

      (132) the Digital Connectivity Fund;

      (133) the K-9 Compassionate Care Fund;

      (134) the Maternal and Child Health Population Health Improvement Fund;

      (135) the Inclusion Fund;

      (136) the Regional Institution Strategic Enterprise Fund;

      (137) the Hagerstown Multi-Use Sports and Events Facility Fund;

      (138) the Pre-Seed Builder Fund;

      (139) the Resilient Maryland Revolving Loan Fund;

      (140) the Notary Public Fund;

      (141) the Health Equity Resource Community Reserve Fund;

      (142) the Access to Counsel in Evictions Special Fund;

      (143) the Homeowner Protection Fund;

      (144) the Maggie McIntosh School Arts Fund;

      (145) the Climate Catalytic Capital Fund;

      (146) the Park System Critical Maintenance Fund;

      (147) the Park System Capital Improvements and Acquisition Fund;

      (148) the Great Maryland Outdoors Fund;

      (149) the Abortion Care Clinical Training Program Fund;

      (150) the Sports Entertainment Facilities Financing Fund;

      (151) the Major Sports and Entertainment Event Program Fund;

      (152) the Prince George's County Blue Line Corridor Facility Fund;

      (153) the Senator George C. Edwards Fund;

      (154) the 9-8-8 Trust Fund;

      (155) the Maryland AIDS Drug Assistance Program Fund;

      (156) the Local Cybersecurity Support Fund;

      (157) the Maryland Loan Assistance Repayment Program Fund for Nurses and Nursing Support Staff;

      (158) the Maryland Makerspace Initiative Fund;

      (159) the Sustainable Maryland Program Fund;

      (160) the On-Site Wastewater Professionals Fund;

      (161) the Child Care Capital Support Revolving Loan Fund;

      (162) the Maryland New Start Pilot Microloan Program Fund;

      (163) the Department of General Services Broker Rebate Fee Fund;

      (164) the Patient Safety Center Fund;

      (165) the False Claims Fund;

      (166) the Resiliency Hub Grant Program Fund;

      (167) the Family and Medical Leave Insurance Fund;

      (168) the Cannabis Business Assistance Fund;

      (169) the Cannabis Public Health Fund;

      (170) the Community Reinvestment and Repair Fund;

      (171) the Young Adult Service Year Option Pathway Fund;

      (172) the Maryland Service Year Option Pathway Fund;

      (173) the Camden Yards Baseball Sports Facility Supplemental Financing Fund;

      (174) the Camden Yards Football Sports Facility Supplemental Financing Fund;

      (175) the Bus Rapid Transit Fund;

      (176) the Cannabis Regulation and Enforcement Fund;

      (177) the Medical Cannabis Compassionate Use Fund;

      (178) the Behavioral Health Workforce Investment Fund;

      (179) the Build Our Future Grant Fund;

      (180) the Human-Relevant Research Fund;

      (181) the Equitech Growth Fund;

      (182) the Maryland Forestry Education Fund;

      (183) the Transit-Oriented Development Capital Grant and Revolving Loan Fund;

      (184) the Local Land Trust Revolving Loan Fund;

      (185) the State Disaster Recovery Fund;

      (186) the Black Bass Conservation Fund;

      (187) the Non-Depository Special Fund;

      (188) the Teacher Retention and Development Fund;

      (189) the Protecting Against Hate Crimes Grant Fund;

      (190) the Fallen Transportation Workers Scholarship Fund;

      (191) the Maryland Geological Survey Fund;

      (192) the Access to Attorneys, Advocates, and Consultants for Special Education Fund;

      (193) the Rental Assistance for Community School Families Fund;

      (194) the Community Health and Safety Works Grant Program Fund;

      (195) the Camden Yards Football Sports Facility Capital Works Fund;

      (196) the Camden Yards Football Sports Facility Emergency Repair Fund;

      (197) the ENOUGH Grant Fund;

      (198) the Talent Innovation Fund;

      (199) the Climate Technology Founder's Fund;

      (200) the Whole Watershed Fund;

      (201) the Radiation Emergency Response Fund;

      (202) the Victims of Domestic Violence Program Grant Fund;

      (203) the Proposed Programs Collaborative Grant Fund;

      (204) the Maryland Pay Per Apprentice Program Fund;

      (205) the West North Avenue Development Authority Fund;

      (206) the Academic Excellence Fund;

      (207) the Abandoned and Neglected Cemeteries Fund;

      (208) the Assistive Technology Services Fund;

      (209) the Private Dam Repair Fund;

      (210) the Natural Resources Property Maintenance Fund;

      (211) the Department of Social and Economic Mobility Special Fund;

      (212) the Population Health Improvement Fund;

      (213) the Aging Resilience Fund;

      (214) the Resilience Through Restoration Capital Grant Fund;

      (215) the Shore Erosion Control Construction Loan Fund;

      (216) the Maryland Community Investment Venture Fund;

      (217) the Maryland Fair and Agricultural Education Promise Fund;

      (218) the Public Health Workforce Development Fund;

      (219) the Green and Renewable Energy Efficiency for Nonprofits Loan Fund;

      (220) the Maryland's Future Fund;

      (221) the Maryland Advanced Manufacturing Grant Program Fund;

      (222) the Maryland Growth Initiative Fund; and

      (223) the Suitland Development Authority Fund.

(b)

  (1) Notwithstanding any other provision of law, the Treasurer may invest separately or commingled in 1 or more pools amounts to be invested by law or regulation for State agencies.

  (2) The Treasurer shall allocate net earnings on amounts commingled in a pool to the appropriate State agencies entitled to receive interest earnings under subsection (a) of this section.

#### Section 6-229

(a) The Treasurer may make an agreement with a financial institution as to terms, conditions, and compensation for a banking service that the financial institution provides to the State or any State agency.

(b) An agreement under this section:

  (1) shall specify the charges to be paid for a banking service;

  (2) may allow the deposit of money with the financial institution in an amount determined by the Treasurer that permits the financial institution to earn sufficient compensation to offset the charges for its banking service; and

  (3) shall require the financial institution to invest any money on deposit that exceeds any amount allowed by the Treasurer under item (2) of this subsection and unless otherwise specifically provided by law to pay to the State the proceeds of the investment to the General Fund of the State.

(c) The Treasurer, with the concurrence of the Comptroller, may authorize a State agency to open and maintain an account with a financial institution that has an agreement with the Treasurer under this section.

(d) An account established under subsection (c) of this section shall comply with the provisions of this subtitle and regulations and policies adopted by the Treasurer and the Comptroller.

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Md. Code Ann., State Fin. & Proc. (as displayed at mgaleg.maryland.gov, October 16, 2026)