About Statutes

This page accesses the Code of Maryland (Statutes) and the Maryland Municipal Charters and Resolutions as compiled and maintained by the Department of Legislative Services.

The Code is arranged by and organized into “Articles” (e.g. Transportation Article), which are further subdivided into “titles”, “subtitles”, “sections”, “subsections”, “paragraphs”, subparagraphs”, etc.

Note that the “official” compilation of the laws (Chapters) enacted at each session of the General Assembly is published by the State as the “Laws of Maryland”, commonly referred to as the “Session Laws”. The Session Laws for each session are compiled chronologically by chapter number and serve as the source law from which the statutes accessed here are derived.

While the “Laws of Maryland” (Session Laws) constitute the official laws of the State, this Code and the annotated versions noted below are accepted as “evidence” of the law in all State courts and by all public offices and officials (See § 10-201 of the Courts & Judicial Proceedings Article). However, in the event of a conflict between the Code and the Session Laws, the Session Laws prevail.

Note: Annotated versions of the Code, published by LexisNexis and West, are available in book and online formats. These Annotated Codes include references to case law, related citations, and explanatory notations.

The Municipal Charters are updated each year by incorporating all charter resolutions received by the Department through May 31 of that year. Individual Municipal Resolutions are published to the General Assembly website as they are received by the Department.

Statute Text

Article - Local Government
(a)   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)   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.