(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.
Maryland Legal Code