reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 3 - Uniform System of Financial Reporting › Section 16-306 - Audit Reports

(a)    The county, municipality, or special taxing district shall report the results of the audit required under § 16–305 of this subtitle to the Legislative Auditor:
(1)    on the form and in the manner that the Legislative Auditor requires; and
(2)    on or before the date the financial report of the county, municipality, or special taxing district must be filed under § 16–304(a) of this subtitle.
(b)    An audit report filed by a county, municipality, or special taxing district with the Legislative Auditor shall include financial statements of the county, municipality, or special taxing district that are:
(1)    prepared in accordance with generally accepted accounting principles; and
(2)    audited in accordance with generally accepted auditing standards.
(c)    An audit report filed with the Legislative Auditor is a public record.
(d)    If a county, municipality, or special taxing district does not comply with subsection (a) or (b) of this section, the Comptroller, on notice from the Executive Director of the Department of Legislative Services, may order the discontinuance of all money, grants, or State aid that the county, municipality, or special taxing district is entitled to receive under State law that are distributed by the Comptroller, the clerks of the court, or any other unit of State government.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 3 - Uniform System of Financial Reporting › Section 16-307 - Review and Report by Legislative Auditor

(a)    (1)    Each year the Legislative Auditor shall:
(i)    review the audit reports required under § 16–306 of this subtitle; and
(ii)    make a full and detailed written report to the Comptroller and, in accordance with § 2–1257 of the State Government Article, the Executive Director of the Department of Legislative Services on the result of the audit of the financial records of each county, municipality, and special taxing district created by the State.
(2)    The report may include recommendations that the Legislative Auditor considers advisable relating to:
(i)    methods of bookkeeping;
(ii)    changes in the uniform system of financial reporting; and
(iii)    changes in the reports of the counties, municipalities, and special taxing districts.
(b)    (1)    In conducting the review required under subsection (a) of this section, the Legislative Auditor may review the work papers and other documentation of the auditor who filed the audit report.
(2)    The Legislative Auditor may refer audit reports, work papers, or other documentation reviewed by the Legislative Auditor to the State Board of Public Accountancy for action required by the Maryland Public Accountancy Act.
(c)    The Legislative Auditor shall report any violation of this subtitle by a county, municipality, or special taxing district created by the State to the Comptroller and, in accordance with § 2–1257 of the State Government Article, to the Executive Director of the Department of Legislative Services.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 3 - Uniform System of Financial Reporting › Section 16-308 - Audits of Special Taxing Districts Created by Counties

(a)    Each county shall adopt uniform rules and regulations for the auditing of the financial records of each special taxing district created by the county that:
(1)    receives money collected by the county from a county property tax imposed at the request of the special taxing district;
(2)    has annual expenditures exceeding $250,000; and
(3)    has money disbursed and expended independently of the county government.
(b)    At a minimum, the rules and regulations required under subsection (a) of this section shall require the audit to:
(1)    be conducted by:
(i)    a certified public accountant:
1.    acting in the capacity of an independent auditor or an official auditor of the county; and
2.    who is in compliance with the Maryland Public Accountancy Act; or
(ii)    an auditing committee approved by the official auditor of the county;
(2)    determine if tax funds have been received, deposited, and disbursed in accordance with approved appropriations and State and local law;
(3)    include the following financial statements:
(i)    a balance sheet;
(ii)    a statement of revenues;
(iii)    a statement of expenditures and encumbrances; and
(iv)    a statement of changes in fund balance; and
(4)    be completed and filed with the appropriate county officials not later than 90 days after the close of the fiscal year.
(c)    For a special taxing district that is created by the county and has annual expenditures of less than $250,000, the county shall require:
(1)    an annual financial report; and
(2)    an audit every 4 years unless the county determines, on a case–by–case basis, that more frequent audits are required.
(d)    If a special taxing district subject to subsection (a) or (c) of this section does not file a financial report or audit report required by the county, the county may withhold the distribution of taxes imposed on behalf of the special taxing district until the report is received.
(e)    (1)    When a county files its audit report with the Legislative Auditor as required by § 16–306 of this subtitle, the county also shall submit:
(i)    a copy of each financial report and audit report received from each special taxing district subject to subsection (a) or (c) of this section; and
(ii)    a report on the results of the county’s review of each special taxing district’s compliance with this section.
(2)    The Legislative Auditor shall:
(i)    review the financial reports, audit reports, and other information received from each county; and
(ii)    submit recommendations as appropriate based on the results of the review.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 3 - Uniform System of Financial Reporting › Section 16-309 - Audits by Legislative Auditor -- Costs

(a)    If the Legislative Auditor audits the financial records of a county, municipality, or special taxing district as provided in this subtitle, the county, municipality, or special taxing district shall pay the costs of the audit.
(b)    (1)    As soon as practical after completing an audit, the Legislative Auditor shall certify the total costs of the audit to the appropriate official of the county, municipality, or special taxing district.
(2)    On receipt of the certification of costs, the official of the county, municipality, or special taxing district shall pay the Comptroller.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 4 - Tax and Debt Authority for Assistance to Destitute and Unemployed Residents › Section 16-402 - Limited Purpose

A county or municipality may use the taxing and borrowing authority granted under this subtitle only for the general protection and preservation of the public safety, peace, health, and welfare by providing its destitute and unemployed residents with:
(1)    assistance, food, shelter, supplies, necessities, and other relief, either alone or in conjunction and cooperation with the State or federal government; or
(2)    employment, either alone or as a part of a general State or federal government plan.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 4 - Tax and Debt Authority for Assistance to Destitute and Unemployed Residents › Section 16-403 - Local Enactment Required

To exercise the authority granted under this subtitle, the governing body of a county or municipality shall enact a motion, a resolution, or an ordinance stating that the county or municipality has determined to exercise the authority granted under this subtitle and binds itself to fulfill all obligations incurred under this subtitle.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 4 - Tax and Debt Authority for Assistance to Destitute and Unemployed Residents › Section 16-404 - Authority to Impose Property Tax

(a)    A county or municipality that exercises the authority granted under this subtitle may impose a tax on property that is subject to the county’s or municipality’s property tax.
(b)    A tax imposed under this section may not exceed:
(1)    3.2 cents on each $100 of assessment of real property; or
(2)    8 cents on each $100 of assessment of personal property and operating real property described in § 8–109(c) of the Tax – Property Article.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 4 - Tax and Debt Authority for Assistance to Destitute and Unemployed Residents › Section 16-405 - Authority to Borrow Money

(a)    This section does not apply to Baltimore City.
(b)    A county or municipality may borrow money under this subtitle on its full faith and credit.
(c)    A county or municipality may issue individual notes, certificates of debt, or other evidence of indebtedness for any amount borrowed under this subtitle.
(d)    Subject to the limits in this subtitle, the governing body of a county or municipality shall determine:
(1)    the manner, method, means, and conditions for borrowing money under this subtitle;
(2)    the kind and character of the debt issued;
(3)    the form and substance of the debt issued;
(4)    the interest rate of the debt issued;
(5)    the manner, method, or means of sale, both public or private, of the debt issued;
(6)    when the money shall be borrowed; and
(7)    when the debt shall be issued.
(e)    A county or municipality may not incur debt under this subtitle in an aggregate amount that exceeds the total amount estimated to be raised by a property tax imposed by the county or municipality at a rate of 3.2 cents on each $100 of assessment.
(f)    A debt incurred under this subtitle shall mature and be paid within 2 years after the date the debt was incurred.
(g)    Subject to § 16–404(b) of this subtitle, a county or municipality that borrows money under this subtitle shall impose a property tax in an amount sufficient to repay the money borrowed, with interest, in full within 2 years after the date the debt was incurred.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 4 - Tax and Debt Authority for Assistance to Destitute and Unemployed Residents › Section 16-407 - Administration of Revenue

The administration, expenditure, and accounting of all money raised, borrowed, or obtained by a county or municipality under this subtitle is subject to the control of the governing body of the county or municipality or the public body that the governing body designates.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 5 - Grants to Counties › Section 16-502 - Reimbursement to Anne Arundel County for Baltimore-Washington International Thurgood Marshall Airport

(a)    The intent of this section is to:
(1)    reimburse Anne Arundel County for the supporting facilities and services that it provides for private development that is not related to aviation on State–owned land at Baltimore–Washington International Thurgood Marshall Airport; and
(2)    eliminate any competitive advantage that Baltimore–Washington International Thurgood Marshall Airport might have over private property in attracting new development or construction.
(b)    Notwithstanding the provisions of §§ 6–102, 7–211, and 7–401 of the Tax – Property Article, for all private development that is not related to aviation on State–owned land at Baltimore–Washington International Thurgood Marshall Airport, the State shall pay to Anne Arundel County annually an amount that:
(1)    is agreed on by the Secretary of Transportation and the County Executive of Anne Arundel County; and
(2)    does not exceed an amount equal to the local property taxes that would have been paid to Anne Arundel County if the private development were not constructed on State–owned land.
(c)    To fund the payments required under subsection (b) of this section, the State shall charge a special user fee to the private development described in subsection (b) of this section.
(d)    The Maryland Aviation Administration shall specify what constitutes private development that is not related to aviation on State–owned land at Baltimore–Washington International Thurgood Marshall Airport.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 5 - Grants to Counties › Section 16-503 - Teacher Retirement Supplemental Grants

The Governor shall include in the budget bill for each fiscal year a General Fund appropriation for the following teacher retirement supplemental grants to the following counties:
(1)    Allegany County – $1,632,106;
(2)    Baltimore City – $10,047,596;
(3)    Baltimore County – $3,000,000;
(4)    Caroline County – $685,108;
(5)    Dorchester County – $308,913;
(6)    Garrett County – $406,400;
(7)    Prince George’s County – $9,628,702;
(8)    Somerset County – $381,999; and
(9)    Wicomico County – $1,567,837.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 16 - In General › Subtitle 5 - Grants to Counties › Section 16-504 - Grant to Calvert County on Expiration of Calvert Cliffs Nuclear Power Plant License

(a)    If on or before January 1, 2020, the Federal Nuclear Regulatory Commission license for the Calvert Cliffs Nuclear Power Plant expires and is not extended or renewed, for each of the 5 taxable years following the expiration, the State shall pay as a grant to Calvert County an amount equal to the applicable percentage, specified in subsection (b) of this section, of the difference between:
(1)    the product of multiplying $14,554,000 times the percentage specified for the taxable year under § 7–237(b) of the Tax – Property Article; and
(2)    the sum of:
(i)    $2,000,000; and
(ii)    the county’s property tax revenue for the taxable year derived from personal property that is machinery or equipment used to generate electricity for sale.
(b)    For purposes of determining the amount of a grant provided under subsection (a) of this section, the applicable percentage is:
(1)    100% for the first taxable year;
(2)    80% for the second taxable year;
(3)    60% for the third taxable year;
(4)    40% for the fourth taxable year; and
(5)    20% for the fifth taxable year.
(c)    For each taxable year for which a grant is provided under subsection (a) of this section, the Department of Assessments and Taxation shall determine and certify to the Comptroller Calvert County’s property tax revenue for the taxable year that is derived from personal property that is machinery or equipment used to generate electricity for sale.
(d)    The Comptroller shall pay to Calvert County the amount specified in subsection (a)(1) of this section in equal payments, at the end of each quarter of each taxable year for which a grant is payable.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 1 - In General › Section 17-102 - Postemployment Benefits Funds

(a)    In this section, “other postemployment benefits” means:
(1)    postemployment health care benefits; and
(2)    postemployment benefits provided separately from a pension plan.
(b)    Notwithstanding § 17–101 of this subtitle, the trustees or other officers in charge of a pension or retirement system or fund, other postemployment benefits fund, trust fund account, fund for self–insurance purposes, or facility closure reserve fund of a political subdivision of the State, a unit of a political subdivision of the State, or the Upper Potomac River Commission:
(1)    may:
(i)    invest and reinvest money in their custody or control as provided by:
1.    a law enacted by the governing body of the political subdivision; or
2.    in the case of the Upper Potomac River Commission, rules or procedures established by the Commission; and
(ii)    sell, redeem, or exchange an investment or reinvestment made under this item; and
(2)    shall comply with fiduciary standards that at least meet the standards in Title 21, Subtitle 2 of the State Personnel and Pensions Article in connection with money in their custody or control.
(c)    (1)    Notwithstanding any other law, a political subdivision of the State or a unit of a political subdivision of the State may enter into an agreement with a third party contractor or vendor for the management or investment of money intended for other postemployment benefits.
(2)    An agreement entered into under this subsection includes the authority to:
(i)    create pooled investments under the stewardship of:
1.    a political subdivision of the State or a unit of a political subdivision of the State; or
2.    a separate body under an agreement with a political subdivision of the State;
(ii)    create one or more accounts to be managed in coordination with other funds or investments by a third party under an agreement with a political subdivision of the State; and
(iii)    create distinct funding accounts for payment on behalf of employees of a unit of a political subdivision of the State under an agreement with the political subdivision.
(d)    (1)    Notwithstanding any other law, a political subdivision of the State or a unit of a political subdivision of the State may enter into an agreement with a third party contractor or vendor for the management or investment of money in a facility closure reserve fund.
(2)    An agreement entered into under this subsection includes the authority to:
(i)    create pooled investments under the stewardship of:
1.    a political subdivision of the State or a unit of a political subdivision of the State; or
2.    a separate body under an agreement with a political subdivision of the State; and
(ii)    create one or more accounts to be managed in coordination with other funds or investments by a third party under an agreement with a political subdivision of the State.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 1 - In General › Section 17-103 - Charter Counties and Baltimore City

(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.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 1 - In General › Section 17-104 - Investment in Open-End and Closed-End Investment Companies and Trusts

(a)    This section applies to the following governmental entities:
(1)    the governing body of each county;
(2)    the governing body or chief fiscal or administrative officer of each municipality;
(3)    the governing body or chief fiscal or administrative officer of:
(i)    each road, drainage, improvement, construction, or soil conservation district or commission; or
(ii)    the Upper Potomac River Commission;
(4)    each county board of education, including the Baltimore City Board of School Commissioners;
(5)    any other political subdivision or body politic and corporate of the State;
(6)    a unit of a political subdivision of the State; and
(7)    the trustees or other officers in charge of a pension or retirement system or fund of:
(i)    the State;
(ii)    a political subdivision of the State; or
(iii)    a unit of the State or of a political subdivision of the State.
(b)    Notwithstanding any other law, when a governmental entity is required or authorized to invest in, purchase, or take as collateral a bond, an obligation, or any other evidence of indebtedness of the United States, the governmental entity may invest in, purchase, or take as collateral an obligation or security of or other interest in an open–end or closed–end management type investment company or investment trust registered under the federal Investment Company Act of 1940, 15 U.S.C. § 80A–1 et seq., if:
(1)    the portfolio of the investment company or investment trust is limited to:
(i)    direct obligations of the United States; and
(ii)    repurchase agreements that are fully collateralized by obligations of the United States; and
(2)    the investment company or investment trust takes delivery of the collateral directly or through an authorized custodian.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-201 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Financial officer” means the treasurer or other financial officer of a governmental entity who is responsible for the investment of public funds or the issuance and management of debt of the governmental entity.
(c)    “Governing authority” means:
(1)    for Baltimore City, the Baltimore City Board of Estimates;
(2)    for a commission county, the county commissioners;
(3)    for a charter county, as provided by local law, the county council or the county executive and the county council;
(4)    for a code county, the county commissioners;
(5)    for a community college, the board of trustees;
(6)    for a municipality, the body provided by the municipal charter;
(7)    for the Washington Suburban Sanitary Commission, the Commission;
(8)    for a public corporation, the board of directors; and
(9)    for an authority, the board of the authority.
(d)    (1)    Except as provided in paragraph (2) of this subsection, “public money” means any money held by a governmental entity.
(2)    “Public money” does not include money held as part of a pension fund, a fund for other postemployment benefits, as defined in § 17–102(a) of this title, a trust fund account, or a facility closure reserve fund or for self–insurance purposes.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-202 - Conflict With Other Laws

To the extent of any conflict, this subtitle and the local government investment guidelines adopted by the State Treasurer under this subtitle supersede:
(1)    any local law, including a charter provision; and
(2)    any other public general law.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-203 - Scope of Subtitle

This subtitle applies to the following governmental entities:
(1)    each county;
(2)    each municipality;
(3)    each community college other than the Baltimore City Community College;
(4)    each regional community college established under Title 16, Subtitle 2 of the Education Article;
(5)    the Washington Suburban Sanitary Commission;
(6)    a public corporation authorized to issue debt; and
(7)    an authority of the State authorized to issue debt.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-204 - Adoption and Requirements

(a)    After consulting with the governmental entities, the State Treasurer shall adopt by regulation local government investment guidelines to govern the investment of public money by the entities in a manner that:
(1)    facilitates sound cash management;
(2)    protects the public; and
(3)    ensures that each entity has access to its public money.
(b)    The local government investment guidelines shall:
(1)    specify the types of investments in which public money may be invested;
(2)    include guidance for the prudent investment of public money based on cash flow projections, income, liquidity, investment ratings, and risk;
(3)    require that investments by a county board of education and a county board of library trustees comply with the local investment policy of the county; and
(4)    prohibit the borrowing of money for the express purpose of investment.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-205 - Local Investment Policy

(a)    The governing authority of each governmental entity shall adopt by resolution a local investment policy that:
(1)    meets the needs of the governmental entity; and
(2)    is consistent with the local government investment guidelines adopted by the State Treasurer under § 17–204 of this subtitle.
(b)    Promptly after the adoption of a local investment policy, the governmental entity shall mail a certified copy to the State Treasurer.
(c)    If the State Treasurer determines that the local investment policy is not consistent with the local government investment guidelines adopted by the State Treasurer under § 17–204 of this subtitle:
(1)    the State Treasurer shall notify the governmental entity; and
(2)    the governing authority shall prepare and submit a revised local investment policy that is consistent with the local government investment guidelines.
(d)    If the governing authority amends the governmental entity’s local investment policy, the governmental entity shall submit the new local investment policy to the State Treasurer in accordance with subsection (b) of this section.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-207 - Local Debt Policy

(a)    (1)    Each governmental entity shall adopt by resolution, motion, or ordinance a local debt policy that:
(i)    is consistent with the Maryland Constitution and all applicable State and local laws; and
(ii)    meets the needs of the governmental entity.
(2)    Promptly after the adoption of a local debt policy, the governmental entity shall mail a certified copy to the State Treasurer.
(3)    If the State Treasurer determines that the local debt policy is not consistent with the Maryland Constitution or any applicable State or local law:
(i)    the State Treasurer shall notify the governmental entity; and
(ii)    the governmental entity shall prepare and submit a revised local debt policy.
(b)    If the governmental entity amends its local debt policy, the governmental entity shall submit its revised policy to the State Treasurer in accordance with subsection (a) of this section.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 2 - Local Government Investment Guidelines › Section 17-208 - Enforcement

(a)    The State Treasurer shall contact the governmental entity to seek compliance if a governmental entity does not maintain a local investment policy or local debt policy as required by this subtitle.
(b)    On request of the State Treasurer, a financial officer shall provide to the State Treasurer, in the format and time frame requested:
(1)    a report of the investment portfolio of the governmental entity; or
(2)    a report of the debt portfolio of the governmental entity in the format required under § 16–103 of this article.
(c)    If, after being contacted by the State Treasurer, a governmental entity does not comply with this section, the State Treasurer shall notify the Joint Committee on the Management of Public Funds in writing.
(d)    The Joint Committee on the Management of Public Funds may request the Attorney General to seek judicial enforcement of this subtitle against the governmental entity.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part I - Local Government Investment Pool › Section 17-301 - Definitions

(a)    In this part the following words have the meanings indicated.
(b)    “Authorized participant” means:
(1)    the governing body of each county or municipality;
(2)    a county board of education;
(3)    the governing body of each road, drainage, improvement, construction, or soil conservation district or commission in the State;
(4)    the Upper Potomac River Commission;
(5)    any other political subdivision or body politic and corporate of the State;
(6)    a local government insurance pool formed under Title 19, Subtitle 6 of the Insurance Article; or
(7)    on approval of the State Treasurer, a unit of State government or an entity created by the State if the funds of the unit or entity are not State money over which the Treasurer has investment authority.
(c)    “Pool” means the Local Government Investment Pool.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part I - Local Government Investment Pool › Section 17-304 - Administration

(a)    The State Treasurer shall administer the Pool on behalf of:
(1)    authorized participants; and
(2)    to the extent that State money is included in the Pool, the State.
(b)    The State Treasurer shall develop procedures necessary to administer the Pool efficiently, including:
(1)    specification of the minimum and maximum amounts that may be deposited by any authorized participant in the Pool and minimum periods of time for which deposits must be retained in the Pool;
(2)    payment of administrative expenses from the earnings of the Pool; and
(3)    distribution of earnings in excess of expenses or allocation of losses to authorized participants in a manner that equitably reflects the amount and duration of each authorized participant’s investments in the Pool.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part I - Local Government Investment Pool › Section 17-305 - Investments

(a)    The State Treasurer shall establish investment policies for the Pool.
(b)    Subject to the objectives and requirements of this part, the State Treasurer shall establish procedures for:
(1)    the investment and reinvestment of money in the Pool; and
(2)    the acquisition, retention, management, and disposition of investments of the Pool.
(c)    (1)    The State Treasurer shall invest money in the Pool in accordance with §§ 6–222 and 6–223 of the State Finance and Procurement Article.
(2)    Notwithstanding any other law, the State Treasurer may:
(i)    invest and reinvest money in the Pool in bankers’ acceptances guaranteed by banks; and
(ii)    sell, redeem, or exchange an investment or reinvestment made under this paragraph.
(d)    Except as otherwise provided in this part, the State Treasurer shall retain custody of all instruments of title to all investments of the Pool.
(e)    (1)    The State Treasurer may deposit with one or more fiscal agents or banks any instruments of title to investments of the Pool that the State Treasurer considers advisable.
(2)    A fiscal agent or bank shall hold any instruments of title deposited with the agent or bank for collection of:
(i)    the principal of and interest or other income from the investments; or
(ii)    the proceeds of sale of the investments.
(f)    The State Treasurer shall collect the principal of and interest or other income from investments of the Pool, the instruments of title to which are in the State Treasurer’s custody, when due and payable.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part I - Local Government Investment Pool › Section 17-306 - Employment of Fiscal Agent

(a)    The State Treasurer may:
(1)    contract with a qualified Maryland fiscal agent; and
(2)    compensate the fiscal agent for services rendered.
(b)    The fiscal agent may perform administrative and investment services that the State Treasurer performs under this part.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part I - Local Government Investment Pool › Section 17-308 - Procedures for Participation

(a)    The governing authority of an authorized participant may direct its financial officer to remit to the State Treasurer for investment in the Pool money that:
(1)    is available for investment; and
(2)    is not required, by law or a covenant or agreement with bondholders or others, to be segregated and invested in a different manner.
(b)    The governing authority of an authorized participant having money intended for other postemployment benefits that are available for investment, as authorized under § 17–102 of this title, may direct its financial officer to remit that money to the State Treasurer for investment in the Pool.
(c)    (1)    If the governing authority of an authorized participant determines that it is in the best interest of the authorized participant to deposit money in the Pool, the governing authority shall:
(i)    adopt a resolution or ordinance authorizing the deposit; and
(ii)    file a certified copy of the resolution or ordinance with the State Treasurer accompanied by a statement of the approximate cash flow requirements of the authorized participant for the invested money.
(2)    The resolution or ordinance shall indicate the official of the authorized participant who is responsible for depositing money in and withdrawing money from the Pool.
(d)    Each subsequent deposit of money into the Pool shall be accompanied by a statement of:
(1)    the intended duration of the investment; or
(2)    the anticipated date of withdrawal of the money from the Pool.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part I - Local Government Investment Pool › Section 17-309 - Participant Accounts

(a)    The State Treasurer shall maintain a separate account designated by name or number for each authorized participant in the Pool, including the State, to record the individual transactions and totals of all investments of each authorized participant.
(b)    At least monthly, the State Treasurer shall credit accumulated income to each authorized participant’s account.
(c)    (1)    The State Treasurer shall provide to each authorized participant a monthly report of the changes in investments made during the preceding month.
(2)    On request, the State Treasurer shall provide a detailed report of any transaction relating to an investment of an authorized participant.
(d)    On request, the State Treasurer shall pay from the Pool the principal and credited income of an account maintained for an authorized participant if the request conforms to the terms of the deposit.
(e)    (1)    The State Treasurer may not make a payment from an account of an authorized participant in an amount that exceeds the total amount of money in the account.
(2)    The payee shall refund any excess amount paid.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part II - Montgomery County Investment Pool › Section 17-313 - Composition

(a)    The Montgomery County Investment Pool consists of money deposited in the Pool for investment purposes by:
(1)    Montgomery County;
(2)    other local governments; and
(3)    public and nonprofit entities.
(b)    The Montgomery County Investment Pool may not accept money from an entity that was not a participant in the Pool on July 1, 1996.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 17 - Investment by Local Government › Subtitle 3 - Investment Pools › Part II - Montgomery County Investment Pool › Section 17-314 - Administration and Management

The Montgomery County Investment Pool shall be:
(1)    administered by the Montgomery County Director of Finance; and
(2)    managed in accordance with the local investment policy adopted by Montgomery County under § 17–205 of this title.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-101 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Authority” means a parking authority established under this subtitle.
(c)    “Bond” means a revenue bond issued by an authority under this subtitle.
(d)    “Property” includes any interest in real or personal property.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-102 - Legislative Findings; Purposes of Subtitle

(a)    The General Assembly finds that:
(1)    unemployment conditions exist in certain areas of the State;
(2)    the establishment of vehicle parking facilities under this subtitle is necessary to relieve the unemployment conditions and establish a balanced economy in these areas; and
(3)    the present and prospective health, happiness, safety, right of gainful employment, and general welfare in these areas will be promoted by the establishment of vehicle parking facilities under this subtitle.
(b)    The General Assembly recognizes that, for certain areas of the State, this subtitle is necessary to:
(1)    relieve unemployment conditions;
(2)    encourage industrial growth and a balanced economy;
(3)    help retain existing industries;
(4)    promote economic development; and
(5)    promote health, welfare, and safety.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-105 - Authority Established

To create an authority, a county or municipality shall:
(1)    pass a local law that establishes the charter for the authority; and
(2)    file the charter with the Department of Assessments and Taxation, the Department of Legislative Services, and the Secretary of State.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-106 - Powers of Counties or Municipalities -- Amendments

A county or municipality may:
(1)    amend the authority’s charter through local law if the amendment is filed with the Department of Assessments and Taxation, the Department of Legislative Services, and the Secretary of State; or
(2)    change the structure or activity of or terminate the authority, unless the change or termination would impair an obligation of the authority under a pre–existing contract.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-107 - Membership

(a)    An authority consists of five members.
(b)    By local law, a county or municipality shall establish residency requirements, means of appointment, qualifications, and terms of office for a member.
(c)    Officers and employees of an authority shall be appointed as provided by local law.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-108 - Powers of Authority -- in General

(a)    An authority has the powers granted to it by local law, consistent with this subtitle, to allow it to carry out this subtitle.
(b)    An authority may:
(1)    use a common seal;
(2)    sue and be sued; and
(3)    perform corporate acts necessary to carry out this subtitle.
(c)    By local law, a county or municipality shall establish the budgetary and financial procedures of an authority.
(d)    (1)    An authority may adopt, in the manner provided by local law, rules and regulations for the operation and use of property and facilities under its jurisdiction.
(2)    A person who violates a rule or regulation adopted by an authority is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 180 days or a fine not exceeding $1,000 or both.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-109 - Powers of Authority -- Enactment by County

A county or municipality may authorize an authority to:
(1)    acquire by purchase, lease, or other legal means, but not by eminent domain, property of any kind in the county or municipality;
(2)    establish, construct, alter, improve, equip, repair, maintain, operate, and regulate a facility for parking vehicles that is on, under, or in any property owned by the county, municipality, or the authority; and
(3)    establish and collect fees for the use of the property.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-113 - Act of Authority Not Subject to Challenge

An act of an authority may not be challenged on the basis of the absence of qualifications of a member of the authority if the member has:
(1)    been appointed by the appropriate entity designated by local law; and
(2)    taken the oath of office.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-114 - Revenue Bonds

(a)    To carry out the purposes of this subtitle, an authority may issue revenue bonds to finance the cost of:
(1)    acquiring property; or
(2)    establishing, constructing, altering, improving, or equipping a facility.
(b)    Each bond issue shall be authorized by a resolution approved by a vote of at least four members of the authority.
(c)    An authority shall determine that a bond issue is necessary to achieve one or more of the authority’s purposes before issuing bonds under this section.
(d)    The resolution authorizing the bond issue shall include:
(1)    the determination that a bond issue is necessary;
(2)    a statement that the authority will acquire the vehicle parking facility or related project in accordance with this subtitle and local law;
(3)    a determination of the probable useful life of the project or average probable useful life of the projects to be financed;
(4)    an estimate of the cost of the project to be financed and the portion to be defrayed from any sources that shall be specifically named, other than the proposed bond issue;
(5)    the procedure for the sale of the proposed bond issue;
(6)    a description sufficient for purposes of identification of each of the projects to be financed by the bond issue; and
(7)    a finding that the amount of the proposed bond issue is sufficient to complete at least a useful portion of each project to be financed.
(e)    Notwithstanding any other provision of the Code or any recitals of the bond, the bonds are negotiable instruments.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-115 - Revenue Bonds -- Probable Useful Life of Project

(a)    If bonds are issued for projects having different probable useful lives, the authority shall consider the amount of the bonds to be issued for each project when it determines the average probable useful life of the projects.
(b)    The determination under this section by an authority of probable useful life of the project or average probable useful life of the projects is conclusive.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-116 - Revenue Bonds -- Matters Determined by Local Law

By local law consistent with this subtitle, a county or municipality shall determine matters related to the authorization, issuance, sale, delivery, and payment of bonds, including:
(1)    issue date;
(2)    maturity;
(3)    interest rate;
(4)    terms;
(5)    form;
(6)    denomination;
(7)    manner of execution;
(8)    place of payment;
(9)    redemption;
(10)    refunding;
(11)    sale price;
(12)    manner of sale; and
(13)    security.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-117 - Guarantee of Revenue Bonds; Independent Taxing Authority Not Conferred

(a)    By local law, a county or municipality may guarantee the bonds as to payment of principal, interest, and any redemption premium by the full faith and credit of the county or municipality.
(b)    A municipality may not grant an authority independent taxing authority.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 1 - Parking Authorities Act › Section 18-118 - Revenue Bonds -- Referendum Provisions Inapplicable

Bonds, the borrowing that they represent, the project being financed, or the guarantee of the county or municipality with respect to payment of the principal, interest, and redemption premium are not subject to any referendum requirements under a county charter, municipal charter, or local law.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 2 - Ocean City Convention Center › Section 18-203 - Powers and Duties of Mayor and City Council

(a)    The Mayor and City Council of Ocean City may:
(1)    employ and set the salaries for a Convention Center manager and other necessary personnel;
(2)    accept donations or grants for the maintenance and operation of the Convention Center;
(3)    receive aid for the Convention Center from the federal government, the State, counties, or municipalities;
(4)    set reasonable fees for the use of the Convention Center facilities;
(5)    grant, on the basis of competitive bidding, concessions on the premises of the Convention Center for the sale of food or beverages, including, subject to the Alcoholic Beverages Article, alcoholic beverages; and
(6)    perform any act necessary to operate the Convention Center.
(b)    The Mayor and City Council of Ocean City shall:
(1)    keep records of the Convention Center consistent with sound business practice;
(2)    conduct an audit of the accounts of the Convention Center at the end of each calendar or fiscal year; and
(3)    submit to the Board of Public Works a detailed annual report on the activities and finances of the Convention Center.
2023 Maryland Statutes › Local Government › Division IV - Local Finance › Title 18 - Local Economic Development › Subtitle 3 - Commercial or Industrial Development Projects › Section 18-301 - Commercial or Industrial Development

(a)    Subject to subsection (b) of this section, a political subdivision may use federal or State financial assistance for commercial or industrial redevelopment projects to make grants or loans, or to guarantee loans, to private entities.
(b)    The authority granted under this section:
(1)    may be used only for commercial or industrial redevelopment projects; and
(2)    may not be used for a residential or housing project.