Md. Code, Local Gov't § 17-104

(a) This section applies to the following governmental entities: (1) the governing body of each county; (2) the governing body or chief fiscal or administrative officer of each municipality; (3) the governing body or chief fiscal or administrative officer of: (i) each road, drainage, improvement, construction, or soil conservation district or commission; or (ii) the Upper Potomac River Commission; (4) each county board of education, including the Baltimore City Board of School Commissioners; (5) any other political subdivision or body politic and corporate of the State; (6) a unit of a political subdivision of the State; and (7) the trustees or other officers in charge of a pension or retirement system or fund of: (i) the State; (ii) a political subdivision of the State; or (iii) a unit of the State or of a political subdivision of the State. (b) Notwithstanding any other law, when a governmental entity is required or authorized to invest in, purchase, or take as collateral a bond, an obligation, or any other evidence of indebtedness of the United States, the governmental entity may invest in, purchase, or take as collateral an obligation or security of or other interest in an open–end or closed–end management type investment company or investment trust registered under the federal Investment Company Act of 1940, 15 U.S.C. § 80A–1 et seq., if: (1) the portfolio of the investment company or investment trust is limited to: (i) direct obligations of the United States; and (ii) repurchase agreements that are fully collateralized by obligations of the United States; and (2) the investment company or investment trust takes delivery of the collateral directly or through an authorized custodian.