Md. Code, Local Government § 19–229

(a) The financial officer may establish and maintain funds and accounts for

the administration, management, investment, and accounting of proceeds, including

any investment earnings on proceeds, that may be necessary or appropriate to comply

with the Internal Revenue Code and to establish or maintain the exclusion from gross

income for federal income tax purposes of interest on the bonds.

(b) (1) The financial officer may manage and invest proceeds, including

any investment earnings on proceeds, in a manner so as to maintain the exclusion

from gross income for federal income tax purposes of interest on the bonds.

(2) The financial officer may restrict the yields on investments of

proceeds if and to the extent necessary to maintain the exclusion from gross income

for federal income tax purposes of interest on the bonds.

(c) The financial officer may prepare and maintain records of the receipt,

deposit, investment, management, disbursement, and application of proceeds,

including any investment earnings on proceeds, that may be necessary or appropriate

from time to time to comply with the Internal Revenue Code and to maintain or verify

the exclusion from gross income for federal income tax purposes of interest on the

bonds.