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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE FINANCE AND PROCUREMENT |
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DIVISION I. STATE FINANCE |
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TITLE 6. REVENUES |
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SUBTITLE 2. STATE TREASURY |
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PART IV. INVESTMENTS |
§ 6-224. Maryland Environmental Service
Latest version.
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(a) Authorized. -- 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) Conditions. -- The Treasurer shall set the conditions of the investment or reinvestment, including the term, the interest rate, and any service charge.
(c) Repayment. -- 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.