Md. Code, Economic Development § 10–119

Bonds are securities:

(1) in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:

(i) an officer of a governmental unit;

(ii) a bank, trust company, savings and loan association, investment company, or other person operating a banking business;

(iii) an insurance association or other person operating an insurance business;

(iv) a personal representative, guardian, trustee, or other fiduciary; and

(v) any other person; and

(2) that may be deposited with and received by a governmental unit or any officer of the State or a governmental unit for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.