Md. Code, Local Government § 17–104

(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.