Md. Code, Local Government § 21–419

Bonds issued under this part are securities:

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

a political subdivision 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 invest

money:

(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, or

an investment company;

(iii) an insurance company; and

(iv) a personal representative, trustee, or other fiduciary.