Md. Code, Local Government § 17–103

(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.