Md. Code, Local Government § 19–307

(a) A fiscal officer of a municipality who has custody of a sinking fund

established by the municipality to pay the principal of or the interest on bonds issued

in accordance with the charter of the municipality or this subtitle may invest the

sinking fund only as provided in § 19–102 of this title.

(b) A fiscal officer of a municipality who has custody of bond proceeds may

invest the proceeds as provided in §§ 17–101 and 17–102 of this article.