Maryland Statutes
Subtitle 1 - In General
Section 17-103 - Charter Counties and Baltimore City

(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.