Notwithstanding any other provision of law and in addition to any other authority provided by law, the controller, director of finance, or similar official of a chartered county or Baltimore City may invest, redeem, sell, exchange, and reinvest unexpended bond sale proceeds and other funds which are subject to arbitrage, rebate, or similar limitations under federal tax law, of which the controller, director of finance, or similar official has custody or control in bonds, notes, or other obligations of investment grade quality, as established by a nationally recognized rating agency, issued by or on behalf of this State or any other state or any agency, department, county, municipal or public corporation, special district, authority, or political subdivision of this State or any other state, either directly or through a trust or fund that restricts investments of the trust or fund to obligations of investment grade quality.