{"data":{"id":"us-md/md.-code-local-government-19-229","jurisdiction":"us-md","citation":"Md. Code, Local Government § 19–229","heading":"","body":"(a) The financial officer may establish and maintain funds and accounts for\nthe administration, management, investment, and accounting of proceeds, including\nany investment earnings on proceeds, that may be necessary or appropriate to comply\nwith the Internal Revenue Code and to establish or maintain the exclusion from gross\nincome for federal income tax purposes of interest on the bonds.\n(b) (1) The financial officer may manage and invest proceeds, including\nany investment earnings on proceeds, in a manner so as to maintain the exclusion\nfrom gross income for federal income tax purposes of interest on the bonds.\n(2) The financial officer may restrict the yields on investments of\nproceeds if and to the extent necessary to maintain the exclusion from gross income\nfor federal income tax purposes of interest on the bonds.\n(c) The financial officer may prepare and maintain records of the receipt,\ndeposit, investment, management, disbursement, and application of proceeds,\nincluding any investment earnings on proceeds, that may be necessary or appropriate\nfrom time to time to comply with the Internal Revenue Code and to maintain or verify\nthe exclusion from gross income for federal income tax purposes of interest on the\nbonds.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=19-229","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"cb1f90d55554abc6bc392266a21c4583b34ba3edc94b96152773e43860fb4725","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-19-228","next":"us-md/md.-code-local-government-19-230"},"notice":"GroundRules: Original legal text. Not legal advice."}