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§ 19-906. Deposit of funds

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 9. Pension Liability Funding Bonds (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-906
Formerly cited as MD CODE, Art. 31, § 32
§ 19-906. Deposit of funds
Currentness
Trust fund
(a) The proceeds of pension liability funding bonds may be deposited, in amounts determined by the county or municipality, in trust with a trust company or other banking institution as trustee, in a trust fund established in the name of the county or municipality.
Investment of trust assets
(b) Money in the trust fund may be invested and reinvested in any taxable or tax-exempt securities, obligations, or other investments and at any yields that are determined by the county or municipality to be consistent with the purposes for which the pension liability funding bonds were issued and with the financial plan of the county or municipality.
Use of earnings from the trust
(c) The interest, income, and profits earned or realized on any investment may be:
(1) applied to the payment of a portion of the benefits under the pension or retirement plan or system to be funded;
(2) applied to the payment of the pension liability funding bonds; or
(3) otherwise applied in any lawful manner.
Use of proceeds from pension liability funding bonds
(d) Money in the trust fund shall be available to pay:
(1) the benefits under the pension or retirement plan or system being funded;
(2) the pension liability funding bonds; and
(3) any other related costs, as the county or municipality requires.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-906, MD LOCAL GOVT § 19-906
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