§ 17-103. Charter counties and Baltimore City

   (a) Scope of section. -- 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) Authorized investments. -- 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.

HISTORY: An. Code 1957, art. 95, § 22M; 2013, ch. 119, § 2.