§ 31-113. Investment of Authority funds.

(a)

Except as otherwise provided in this Subtitle or, with respect to the proceeds of the sale of bonds or other moneys held in connection with an issue of bonds, the bond resolution pursuant to which such bonds were issued, the Authority may invest funds in:

(1)

Direct obligations of the United States;

(2)

Obligations as to which the timely payment of principal and interest is fully guaranteed by the United States;

(3)

Obligations of the Federal Intermediate Credit Banks, Federal Banks for Cooperatives, Federal Land Banks, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association;

(4)

Certificates of deposit or time deposits constituting direct obligations of any bank as defined by the laws of this State, however, investments may be made only in those certificates of deposit or time deposits in banks which are insured by the Federal Deposit Insurance Corporation if then in existence;

(5)

In withdrawable capital accounts or deposits of state or federal chartered savings and loan associations which are insured by the Federal Savings and Loan Insurance Corporation or the Maryland Deposit Insurance Fund Corporation; and

(6)

With respect to the proceeds of the sale of bonds or other moneys held in connection with an issue of bonds, in such other obligations as shall be permitted by the bond resolution pursuant to which such bonds were issued.

(b)

Securities may be purchased at such time and at such prices as the Authority determines.

(Chapter 704, Laws of Md., 1986)