Md. Code, Local Government § 1–1423

Bonds are securities:

(1) that may be deposited with and received by a unit of the State or

a political subdivision of the State for any purpose for which the deposit of bonds or

obligations of the State is authorized by law; and

(2) in which any of the following persons or entities may legally and

properly invest money, including capital that the person or entity owns or controls:

(i) an officer or a unit of the State or a political subdivision of

the State;

(ii) a bank, a trust company, a savings and loan association, an

investment company, or any other person conducting a banking business;

(iii) an insurance company, an insurance association, or any

other person conducting an insurance business;

(iv) a personal representative, a guardian, a trustee, or any

other fiduciary; and

(v) any other person.