Maryland Code, LOCAL GOVERNMENT 17-103

Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
County: means a county of the State or Baltimore City. See
state: means :

(1) a state, possession, territory, or commonwealth of the United States; or

(2) the District of Columbia. See

(a) This section applies to bond sale proceeds and other money that are:

(1) subject to arbitrage, rebate, or similar limitations under federal tax law; and

(2) in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City.

(b) Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may:

(1) invest and reinvest bond proceeds and other money to which this section applies:

(i) in bonds, notes, or other obligations that are:

1. of investment grade quality as established by a nationally recognized rating agency; and

2. issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and

(ii) directly or through a trust or fund that restricts investments to obligations of investment grade quality; and

(2) sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.