The Constitution of 1776 provided for two State treasurers - the Treasurer of the Eastern Shore, and the Treasurer of the Western Shore - each elected by the House of Delegates (Constitution of 1776 (sec. 13)). These two offices came to be consolidated by the General Assembly. The office of Treasurer of the Eastern Shore was abolished in 1843, and its duties were assumed by the Treasurer of the Western Shore (Chapter 200, Acts of 1841; Chapter 239, Acts of 1842).
A single treasurer of the State to be elected for a two-year term by joint ballot of both houses of the General Assembly was authorized by the Constitution of 1851 (Art. 6, sec. 1). In 1922, the term was increased to four years (Chapter 140, Acts of 1922). Not until 1973 did the Legislature elect the first full-time State Treasurer.
Goldstein Treasury Building, 80 Calvert St., Annapolis, Maryland. April 1999. Photo by Diane P. Frese.
The State Treasurer is responsible for the management and protection of State funds and property. In this connection, the Treasurer selects and manages the depository facilities for State funds, issues or authorizes agents to issue payments of State funds, invests excess funds, safekeeps all State securities and investments, and provides insurance protection against sudden and unanticipated damage to State property or liability of State employees. In addition, the State Treasurer is custodian of all stocks, bonds, promissory notes, certificates, and other negotiable investment instruments of the State. The State Treasurer also is custodian of all such instruments held for the State Retirement and Pension System, the Maryland Insurance Commissioner, foreign building and homestead associations, the Department of the Environment's Coal Mining Division [Bureau of Mines]; and all collateral pledged as security over deposits of State funds in Maryland banks.
State of Maryland General Obligation Bond issues are planned, prepared, and advertised by the State Treasurer. With the approval of the Board of Public Works, the Treasurer arranges bond sales; prepares the State's Official Statement; receives bids; and arranges settlement, delivery of bonds, and tracking of the proceeds for these General Obligation Bonds. Due to new restrictions by the federal government on income generated through the sale of tax-exempt obligations, the Treasurer most recently has played an increasing role in the administration of the State's capital program. In 1990, the State issued the first Maryland Mini Bonds, which are small denomination capital appreciation bonds. This program is administered by the Treasurer.
Goldstein Treasury Building, Annapolis, Maryland, July 2010. Photo by Diane F. Evartt.
Within the State Treasurer's Office are six divisions: Administration; Banking Services; Debt Management; Information Technology; Insurance; and Investments.
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