§ 9-914.3. Receipt and investment of Trust money
West's Annotated Code of MarylandState GovernmentEffective: April 12, 2022
Effective: April 12, 2022
MD Code, State Government, § 9-914.3
§ 9-914.3. Receipt and investment of Trust money
(a) All money received by the Trust shall be deposited, as directed by the Trust, in any state or national bank, or federally or state-insured savings and loan associations located in the State having a total paid-in capital of at least $1,000,000. The trust department of any state or national bank or savings and loan association may be designated as a depository to receive any securities acquired or owned by the Trust. The restriction with respect to paid-in capital may be waived for any qualifying bank or savings and loan association that agrees to pledge securities of the state or of the United States to protect the funds and securities of the Trust in amounts and under arrangements acceptable to the Trust.
(b)(1) Except as provided in paragraph (2) of this subsection, any money of the Trust, in its discretion and unless otherwise provided in any agreement or covenant between the Trust and the holders of any of its obligations limiting or restricting classes of investments, may be invested in bonds or other obligations of the United States, the State, the political subdivisions or units of the State, direct or indirect federal agencies, corporate bonds with a rating of BAA3/BBB, or mortgage-backed and asset-backed securities with a rating of AAA.
(c) The Trust shall make provision for a system of financial accounting, controls, audits, and reports.
Credits
Added by Acts 2013, c. 681, § 1, eff. July 1, 2013. Amended by Acts 2022, c. 135, § 1, eff. April 12, 2022.
MD Code, State Government, § 9-914.3, MD STATE GOVT § 9-914.3
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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