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§ 11-314. Money of Authority

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 11. Military Installation Support (Refs & Annos)
Subtitle 3. Local Redevelopment Authorities (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 11-314
§ 11-314. Money of Authority
Currentness
Accounts
(a) The authority may establish any accounts that it requires.
Deposit of money
(b) The authority shall deposit its money into a State or national bank or a federally insured savings and loan association in the State that has a total paid-in capital of at least $1,000,000.
Depository designees
(c) The authority may designate the trust department of a State or national bank or of a savings and loan association as a depository to receive securities that the authority owns or acquires.
Allowed investments
(d) Unless an agreement limits classes of investments, the authority may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, a unit of the United States, the State, or a political subdivision of the State.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 11-314, MD ECON DEV § 11-314
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document