The Maryland State Treasurer’s Office is an executive level agency responsible for receiving, depositing, investing, and distributing State money. Specific responsibilities include selecting financial institutions to serve as depositories for State funds; investing unexpended or surplus State money; arranging for interest and principal payments on the State debt; administering and arranging for the sale, settlement, and delivery of State General Obligation bonds; working with the nationally recognized bond rating agencies; administering the State Insurance Program of purchased insurance and self-insurance including coverage of the State's liability under the Maryland Tort Claims Act; and paying, upon warrant of the Comptroller, all bills of State agencies. Constitutional and statutory provisions relating to the Office of the State Treasurer may be found in both the Constitution and in State Law.