§ 10-117. Investment of County funds.

The Director of Finance shall invest in short-term United States Government securities, deposit in income producing bank accounts or a building or savings and loan association, or remit to the State Treasurer for investment in the State of Maryland Local Government Investment Pool, as established in Section 22F of Article 95, Annotated Code of Maryland, such County funds as are not required to be used within thirty (30) days for disbursement or expenditure for County purposes, subject to approval of the Council as to the amount so available for such investment or deposit and the acceptable securities or depositories, without relieving the Director of liability for the security of such investment or deposit according to law. Such deposits shall only be made when the bank or building or savings and loan association has set aside a like amount of bonds in escrow, as prescribed by law, covering the deposits, or such deposits are secured by government insurance. Interest earned on investment in any one (1) fiscal year shall be used the following fiscal year for general County expenses.

(Laws 1898, ch. 222, Sec. 109; PLL 1912, Art. 17, Sec. 211; PLL 1930, Art. 17, Sec. 343; 1943 Code, Sec. 442; 1953 Code, Sec. 481; Laws 1955, ch. 132, Sec. 481; Laws, 1963, ch. 602; PLL 1963, Sec. 20-4; CB-59-1983)

Editor's note— The chief fiscal office may invest, with Council approval, in an enterprise fund operated by and for the benefit of the County and its residents. (Laws 1977, ch. 377; Art. 95, Sec. 22.)

CR-52-1995 approved the County's investment policy for all unexpended or surplus funds.