<section article="glg" article_name="Local Government" number="17-101" title_number="17" title_name="Investment by Local Government" subtitle_number="1" subtitle_name="In General"> <level label="a"> <text>In this section, “State financial institution” means an institution that:</text> <level label="1"> <text>has a branch in the State that takes deposits; and</text> </level> <level label="2"> <text>is:</text> <level label="i"> <text>a bank incorporated under the laws of any state or the United States;</text> </level> <level label="ii"> <text>a trust company or savings bank incorporated under the laws of the State; or</text> </level> <level label="iii"> <text>a savings and loan association incorporated under the laws of the State or the United States.</text> </level> </level> </level> <level label="b"> <text>This section applies to the following governmental entities:</text> <level label="1"> <text>the governing body of each county;</text> </level> <level label="2"> <text>the governing body of each municipality;</text> </level> <level label="3"> <text>each county board of education, including the Baltimore City Board of School Commissioners;</text> </level> <level label="4"> <text>each road, drainage, improvement, construction, or soil conservation district or commission;</text> </level> <level label="5"> <text>the Upper Potomac River Commission; and</text> </level> <level label="6"> <text>any other political subdivision or body politic and corporate of the State.</text> </level> </level> <level label="c"> <text>Subject to Subtitle 2 of this title and notwithstanding any provision of local law or ordinance, a governmental entity or its authorized agent:</text> <level label="1"> <text>in accordance with § 6–222 of the State Finance and Procurement Article may:</text> <level label="i"> <text>invest and reinvest in obligations or repurchase agreements all unexpended money in any fund or account of which the governmental entity or its authorized agent has custody or control; and</text> </level> <level label="ii"> <text>sell, redeem, or exchange an investment or reinvestment made under this item; or</text> </level> </level> <level label="2"> <text>may deposit unexpended money in:</text> <level label="i"> <text>an interest–bearing time deposit account or savings account at a federally insured bank or federally insured savings and loan association in the State; or</text> </level> <level label="ii"> <text>the Local Government Investment Pool established under § 17–302 of this title.</text> </level> </level> </level> <level label="d"> <text>Except as provided in subsections (e) and (f) of this section, a governmental entity or its authorized agent may deposit unexpended money in a federally insured bank or federally insured savings and loan association under subsection (b)(2)(i) of this section only if the bank or savings and loan association gives as security for the deposit collateral of a type specified in § 6–202 of the State Finance and Procurement Article.</text> </level> <level label="e"> <text>A governmental entity or its authorized agent may deposit unexpended money in a federally insured bank or federally insured savings and loan association without the security required under subsection (d) of this section if:</text> <level label="1"> <text>the money is initially deposited in a State financial institution chosen by the depositor;</text> </level> <level label="2"> <text>the State financial institution arranges for the further deposit of the money into one or more certificates of deposit in an amount not exceeding the applicable Federal Deposit Insurance Corporation maximum insurance coverage limit, issued by one or more federally insured banks or federally insured savings and loan associations for the account of the depositor;</text> </level> <level label="3"> <text>when the money is deposited and the certificates of deposit are issued, the State financial institution receives deposits from customers of other banks or savings and loan associations in an amount at least equal to the amount of money initially deposited by the depositor;</text> </level> <level label="4"> <text>each certificate of deposit issued for the depositor’s account is insured by the Federal Deposit Insurance Corporation for 100% of the principal of and accrued interest on the certificate of deposit; and</text> </level> <level label="5"> <text>the State financial institution acts as custodian for the depositor with respect to the certificates of deposit issued for the depositor’s account.</text> </level> </level> <level label="f"> <text>A governmental entity or its authorized agent may deposit unexpended money in a federally insured bank or federally insured savings and loan association without the security required under subsection (d) of this section if:</text> <level label="1"> <text>the money is initially placed for deposit with a State financial institution chosen by the depositor to arrange for the redeposit of the money through a deposit placement program that meets the requirements under this subsection;</text> </level> <level label="2"> <text>on or after the date that the money of the governmental entity is received, the State financial institution:</text> <level label="i"> <text>arranges for the redeposit of the money into one or more deposit accounts, each in an amount of not more than the applicable Federal Deposit Insurance Corporation maximum insurance coverage limit, in one or more federally insured banks or federally insured savings and loan associations for the account of the depositor; and</text> </level> <level label="ii"> <text>acts as custodian for the depositor with respect to the money deposited into the accounts;</text> </level> </level> <level label="3"> <text>any money of a governmental entity deposited into a State financial institution in accordance with this subsection and held by that State financial institution at the close of a business day that is in excess of the amount insured by the Federal Deposit Insurance Corporation is secured in accordance with this title;</text> </level> <level label="4"> <text>the full amount of the money of the governmental entity redeposited by the State financial institution into deposit accounts in federally insured banks or federally insured savings and loan associations under this subsection is insured by the Federal Deposit Insurance Corporation; and</text> </level> <level label="5"> <text>on the same date that the money of the governmental entity is redeposited under this subsection, the State financial institution receives an amount of deposits from customers of other banks or savings and loans in accordance with the deposit placement program that is at least equal to the amount of the money of the governmental entity redeposited by the State financial institution.</text> </level> </level> <level label="g"> <level label="1"> <text>The interest or income from an investment or deposit made under this section:</text> <level label="i"> <text>shall be credited to the fund from which the investment or deposit was made; and</text> </level> <level label="ii"> <text>may be invested or deposited as provided in this section.</text> </level> </level> <level label="2"> <text>Notwithstanding paragraph (1) of this subsection, if the money invested or deposited under this section is from a fund that contains the proceeds of the issuance of bonds or other obligations, the issuer may use the interest or income from the investment or deposit to repay the principal of or interest on the bonds or other obligations.</text> </level> </level> <level label="h"> <text>A governmental entity or its authorized agent may withdraw or alter an investment or deposit made under this section:</text> <level label="1"> <text>to meet the requirements for which the money is held; or</text> </level> <level label="2"> <text>for reinvestment in accordance with this section.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-102" title_number="17" title_name="Investment by Local Government" subtitle_number="1" subtitle_name="In General"> <level label="a"> <text>In this section, “other postemployment benefits” means:</text> <level label="1"> <text>postemployment health care benefits; and</text> </level> <level label="2"> <text>postemployment benefits provided separately from a pension plan.</text> </level> </level> <level label="b"> <text>Notwithstanding § 17–101 of this subtitle, the trustees or other officers in charge of a pension or retirement system or fund, other postemployment benefits fund, trust fund account, fund for self–insurance purposes, or facility closure reserve fund of a political subdivision of the State, a unit of a political subdivision of the State, or the Upper Potomac River Commission:</text> <level label="1"> <text>may:</text> <level label="i"> <text>invest and reinvest money in their custody or control as provided by:</text> <level label="1"> <text>a law enacted by the governing body of the political subdivision; or</text> </level> <level label="2"> <text>in the case of the Upper Potomac River Commission, rules or procedures established by the Commission; and</text> </level> </level> <level label="ii"> <text>sell, redeem, or exchange an investment or reinvestment made under this item; and</text> </level> </level> <level label="2"> <text>shall comply with fiduciary standards that at least meet the standards in Title 21, Subtitle 2 of the State Personnel and Pensions Article in connection with money in their custody or control.</text> </level> </level> <level label="c"> <level label="1"> <text>Notwithstanding any other law, a political subdivision of the State or a unit of a political subdivision of the State may enter into an agreement with a third party contractor or vendor for the management or investment of money intended for other postemployment benefits.</text> </level> <level label="2"> <text>An agreement entered into under this subsection includes the authority to:</text> <level label="i"> <text>create pooled investments under the stewardship of:</text> <level label="1"> <text>a political subdivision of the State or a unit of a political subdivision of the State; or</text> </level> <level label="2"> <text>a separate body under an agreement with a political subdivision of the State;</text> </level> </level> <level label="ii"> <text>create one or more accounts to be managed in coordination with other funds or investments by a third party under an agreement with a political subdivision of the State; and</text> </level> <level label="iii"> <text>create distinct funding accounts for payment on behalf of employees of a unit of a political subdivision of the State under an agreement with the political subdivision.</text> </level> </level> </level> <level label="d"> <level label="1"> <text>Notwithstanding any other law, a political subdivision of the State or a unit of a political subdivision of the State may enter into an agreement with a third party contractor or vendor for the management or investment of money in a facility closure reserve fund.</text> </level> <level label="2"> <text>An agreement entered into under this subsection includes the authority to:</text> <level label="i"> <text>create pooled investments under the stewardship of:</text> <level label="1"> <text>a political subdivision of the State or a unit of a political subdivision of the State; or</text> </level> <level label="2"> <text>a separate body under an agreement with a political subdivision of the State; and</text> </level> </level> <level label="ii"> <text>create one or more accounts to be managed in coordination with other funds or investments by a third party under an agreement with a political subdivision of the State.</text> </level> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-103" title_number="17" title_name="Investment by Local Government" subtitle_number="1" subtitle_name="In General"> <level label="a"> <text>This section applies to bond sale proceeds and other money that are:</text> <level label="1"> <text>subject to arbitrage, rebate, or similar limitations under federal tax law; and</text> </level> <level label="2"> <text>in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City.</text> </level> </level> <level label="b"> <text>Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may:</text> <level label="1"> <text>invest and reinvest bond proceeds and other money to which this section applies:</text> <level label="i"> <text>in bonds, notes, or other obligations that are:</text> <level label="1"> <text>of investment grade quality as established by a nationally recognized rating agency; and</text> </level> <level label="2"> <text>issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and</text> </level> </level> <level label="ii"> <text>directly or through a trust or fund that restricts investments to obligations of investment grade quality; and</text> </level> </level> <level label="2"> <text>sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-104" title_number="17" title_name="Investment by Local Government" subtitle_number="1" subtitle_name="In General"> <level label="a"> <text>This section applies to the following governmental entities:</text> <level label="1"> <text>the governing body of each county;</text> </level> <level label="2"> <text>the governing body or chief fiscal or administrative officer of each municipality;</text> </level> <level label="3"> <text>the governing body or chief fiscal or administrative officer of:</text> <level label="i"> <text>each road, drainage, improvement, construction, or soil conservation district or commission; or</text> </level> <level label="ii"> <text>the Upper Potomac River Commission;</text> </level> </level> <level label="4"> <text>each county board of education, including the Baltimore City Board of School Commissioners;</text> </level> <level label="5"> <text>any other political subdivision or body politic and corporate of the State;</text> </level> <level label="6"> <text>a unit of a political subdivision of the State; and</text> </level> <level label="7"> <text>the trustees or other officers in charge of a pension or retirement system or fund of:</text> <level label="i"> <text>the State;</text> </level> <level label="ii"> <text>a political subdivision of the State; or</text> </level> <level label="iii"> <text>a unit of the State or of a political subdivision of the State.</text> </level> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>the portfolio of the investment company or investment trust is limited to:</text> <level label="i"> <text>direct obligations of the United States; and</text> </level> <level label="ii"> <text>repurchase agreements that are fully collateralized by obligations of the United States; and</text> </level> </level> <level label="2"> <text>the investment company or investment trust takes delivery of the collateral directly or through an authorized custodian.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-201" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Financial officer” means the treasurer or other financial officer of a governmental entity who is responsible for the investment of public funds or the issuance and management of debt of the governmental entity.</text> </level> <level label="c"> <text>“Governing authority” means:</text> <level label="1"> <text>for Baltimore City, the Baltimore City Board of Estimates;</text> </level> <level label="2"> <text>for a commission county, the county commissioners;</text> </level> <level label="3"> <text>for a charter county, as provided by local law, the county council or the county executive and the county council;</text> </level> <level label="4"> <text>for a code county, the county commissioners;</text> </level> <level label="5"> <text>for a community college, the board of trustees;</text> </level> <level label="6"> <text>for a municipality, the body provided by the municipal charter;</text> </level> <level label="7"> <text>for the Washington Suburban Sanitary Commission, the Commission;</text> </level> <level label="8"> <text>for a public corporation, the board of directors; and</text> </level> <level label="9"> <text>for an authority, the board of the authority.</text> </level> </level> <level label="d"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection, “public money” means any money held by a governmental entity.</text> </level> <level label="2"> <text>“Public money” does not include money held as part of a pension fund, a fund for other postemployment benefits, as defined in § 17–102(a) of this title, a trust fund account, or a facility closure reserve fund or for self–insurance purposes.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-202" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <text>To the extent of any conflict, this subtitle and the local government investment guidelines adopted by the State Treasurer under this subtitle supersede:</text> <level label="1"> <text>any local law, including a charter provision; and</text> </level> <level label="2"> <text>any other public general law.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-203" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <text>This subtitle applies to the following governmental entities:</text> <level label="1"> <text>each county;</text> </level> <level label="2"> <text>each municipality;</text> </level> <level label="3"> <text>each community college other than the Baltimore City Community College;</text> </level> <level label="4"> <text>each regional community college established under Title 16, Subtitle 2 of the Education Article;</text> </level> <level label="5"> <text>the Washington Suburban Sanitary Commission;</text> </level> <level label="6"> <text>a public corporation authorized to issue debt; and</text> </level> <level label="7"> <text>an authority of the State authorized to issue debt.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-204" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <level label="a"> <level label="1"> <text>After consulting with the governmental entities, the State Treasurer shall adopt by regulation local government investment guidelines to govern the investment of public money by the entities in a manner that:</text> <level label="i"> <text>facilitates sound cash management;</text> </level> <level label="ii"> <text>protects the public; and</text> </level> <level label="iii"> <text>ensures that each entity has access to its public money.</text> </level> </level> <level label="2"> <text>Prior to adopting regulations that alter the types of investments in which governmental entities may invest public money, the State Treasurer shall consult with the governmental entities.</text> </level> </level> <level label="b"> <text>The local government investment guidelines shall:</text> <level label="1"> <text>specify the types of investments in which public money may be invested;</text> </level> <level label="2"> <text>include guidance for the prudent investment of public money based on cash flow projections, income, liquidity, investment ratings, and risk;</text> </level> <level label="3"> <text>require that investments by a county board of education and a county board of library trustees comply with the local investment policy of the county; and</text> </level> <level label="4"> <text>prohibit the borrowing of money for the express purpose of investment.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-205" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <level label="a"> <text>The governing authority of each governmental entity shall adopt by resolution a local investment policy that:</text> <level label="1"> <text>meets the needs of the governmental entity; and</text> </level> <level label="2"> <text>is consistent with the local government investment guidelines adopted by the State Treasurer under § 17–204 of this subtitle.</text> </level> </level> <level label="b"> <text>Promptly after the adoption of a local investment policy, the governmental entity shall mail a certified copy to the State Treasurer.</text> </level> <level label="c"> <text>If the State Treasurer determines that the local investment policy is not consistent with the local government investment guidelines adopted by the State Treasurer under § 17–204 of this subtitle:</text> <level label="1"> <text>the State Treasurer shall notify the governmental entity; and</text> </level> <level label="2"> <text>the governing authority shall prepare and submit a revised local investment policy that is consistent with the local government investment guidelines.</text> </level> </level> <level label="d"> <text>If the governing authority amends the governmental entity’s local investment policy, the governmental entity shall submit the new local investment policy to the State Treasurer in accordance with subsection (b) of this section.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-206" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <text>A financial officer may not invest public money of a governmental entity in a manner that is inconsistent with the entity’s local investment policy.</text> </section> <section article="glg" article_name="Local Government" number="17-207" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <level label="a"> <level label="1"> <text>Each governmental entity shall adopt by resolution, motion, or ordinance a local debt policy that:</text> <level label="i"> <text>is consistent with the Maryland Constitution and all applicable State and local laws; and</text> </level> <level label="ii"> <text>meets the needs of the governmental entity.</text> </level> </level> <level label="2"> <text>Promptly after the adoption of a local debt policy, the governmental entity shall mail a certified copy to the State Treasurer.</text> </level> <level label="3"> <text>If the State Treasurer determines that the local debt policy is not consistent with the Maryland Constitution or any applicable State or local law:</text> <level label="i"> <text>the State Treasurer shall notify the governmental entity; and</text> </level> <level label="ii"> <text>the governmental entity shall prepare and submit a revised local debt policy.</text> </level> </level> </level> <level label="b"> <text>If the governmental entity amends its local debt policy, the governmental entity shall submit its revised policy to the State Treasurer in accordance with subsection (a) of this section.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-208" title_number="17" title_name="Investment by Local Government" subtitle_number="2" subtitle_name="Local Government Investment Guidelines"> <level label="a"> <text>The State Treasurer shall contact the governmental entity to seek compliance if a governmental entity does not maintain a local investment policy or local debt policy as required by this subtitle.</text> </level> <level label="b"> <text>On request of the State Treasurer, a financial officer shall provide to the State Treasurer, in the format and time frame requested:</text> <level label="1"> <text>a report of the investment portfolio of the governmental entity; or</text> </level> <level label="2"> <text>a report of the debt portfolio of the governmental entity in the format required under § 16–103 of this article.</text> </level> </level> <level label="c"> <text>If, after being contacted by the State Treasurer, a governmental entity does not comply with this section, the State Treasurer shall notify the Joint Committee on the Management of Public Funds in writing.</text> </level> <level label="d"> <text>The Joint Committee on the Management of Public Funds may request the Attorney General to seek judicial enforcement of this subtitle against the governmental entity.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-301" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Authorized participant” means:</text> <level label="1"> <text>the governing body of each county or municipality;</text> </level> <level label="2"> <text>a county board of education;</text> </level> <level label="3"> <text>the governing body of each road, drainage, improvement, construction, or soil conservation district or commission in the State;</text> </level> <level label="4"> <text>the Upper Potomac River Commission;</text> </level> <level label="5"> <text>any other political subdivision or body politic and corporate of the State;</text> </level> <level label="6"> <text>a local government insurance pool formed under Title 19, Subtitle 6 of the Insurance Article; or</text> </level> <level label="7"> <text>on approval of the State Treasurer, a unit of State government or an entity created by the State if the funds of the unit or entity are not State money over which the Treasurer has investment authority.</text> </level> </level> <level label="c"> <text>“Pool” means the Local Government Investment Pool.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-302" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <text>There is a Local Government Investment Pool. </text> </section> <section article="glg" article_name="Local Government" number="17-303" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <text>The Pool consists of:</text> <level label="1"> <text>money of authorized participants that is deposited in the Pool; and</text> </level> <level label="2"> <text>money of the State that is deposited in the Pool by the State Treasurer.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-304" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>The State Treasurer shall administer the Pool on behalf of:</text> <level label="1"> <text>authorized participants; and</text> </level> <level label="2"> <text>to the extent that State money is included in the Pool, the State.</text> </level> </level> <level label="b"> <text>The State Treasurer shall develop procedures necessary to administer the Pool efficiently, including:</text> <level label="1"> <text>specification of the minimum and maximum amounts that may be deposited by any authorized participant in the Pool and minimum periods of time for which deposits must be retained in the Pool;</text> </level> <level label="2"> <text>payment of administrative expenses from the earnings of the Pool; and</text> </level> <level label="3"> <text>distribution of earnings in excess of expenses or allocation of losses to authorized participants in a manner that equitably reflects the amount and duration of each authorized participant’s investments in the Pool.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-305" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>The State Treasurer shall establish investment policies for the Pool.</text> </level> <level label="b"> <text>Subject to the objectives and requirements of this part, the State Treasurer shall establish procedures for:</text> <level label="1"> <text>the investment and reinvestment of money in the Pool; and</text> </level> <level label="2"> <text>the acquisition, retention, management, and disposition of investments of the Pool.</text> </level> </level> <level label="c"> <level label="1"> <text>The State Treasurer shall invest money in the Pool in accordance with §§ 6–222 and 6–223 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>Notwithstanding any other law, the State Treasurer may:</text> <level label="i"> <text>invest and reinvest money in the Pool in bankers’ acceptances guaranteed by banks; and</text> </level> <level label="ii"> <text>sell, redeem, or exchange an investment or reinvestment made under this paragraph.</text> </level> </level> </level> <level label="d"> <text>Except as otherwise provided in this part, the State Treasurer shall retain custody of all instruments of title to all investments of the Pool.</text> </level> <level label="e"> <level label="1"> <text>The State Treasurer may deposit with one or more fiscal agents or banks any instruments of title to investments of the Pool that the State Treasurer considers advisable.</text> </level> <level label="2"> <text>A fiscal agent or bank shall hold any instruments of title deposited with the agent or bank for collection of:</text> <level label="i"> <text>the principal of and interest or other income from the investments; or</text> </level> <level label="ii"> <text>the proceeds of sale of the investments.</text> </level> </level> </level> <level label="f"> <text>The State Treasurer shall collect the principal of and interest or other income from investments of the Pool, the instruments of title to which are in the State Treasurer’s custody, when due and payable.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-306" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>The State Treasurer may:</text> <level label="1"> <text>contract with a qualified Maryland fiscal agent; and</text> </level> <level label="2"> <text>compensate the fiscal agent for services rendered.</text> </level> </level> <level label="b"> <text>The fiscal agent may perform administrative and investment services that the State Treasurer performs under this part.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-307" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <text>Except for State money, money deposited in the Pool is not money of the State.</text> </section> <section article="glg" article_name="Local Government" number="17-308" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>The governing authority of an authorized participant may direct its financial officer to remit to the State Treasurer for investment in the Pool money that:</text> <level label="1"> <text>is available for investment; and</text> </level> <level label="2"> <text>is not required, by law or a covenant or agreement with bondholders or others, to be segregated and invested in a different manner.</text> </level> </level> <level label="b"> <text>The governing authority of an authorized participant having money intended for other postemployment benefits that are available for investment, as authorized under § 17–102 of this title, may direct its financial officer to remit that money to the State Treasurer for investment in the Pool.</text> </level> <level label="c"> <level label="1"> <text>If the governing authority of an authorized participant determines that it is in the best interest of the authorized participant to deposit money in the Pool, the governing authority shall:</text> <level label="i"> <text>adopt a resolution or ordinance authorizing the deposit; and</text> </level> <level label="ii"> <text>file a certified copy of the resolution or ordinance with the State Treasurer accompanied by a statement of the approximate cash flow requirements of the authorized participant for the invested money.</text> </level> </level> <level label="2"> <text>The resolution or ordinance shall indicate the official of the authorized participant who is responsible for depositing money in and withdrawing money from the Pool.</text> </level> </level> <level label="d"> <text>Each subsequent deposit of money into the Pool shall be accompanied by a statement of:</text> <level label="1"> <text>the intended duration of the investment; or</text> </level> <level label="2"> <text>the anticipated date of withdrawal of the money from the Pool.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-309" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>The State Treasurer shall maintain a separate account designated by name or number for each authorized participant in the Pool, including the State, to record the individual transactions and totals of all investments of each authorized participant.</text> </level> <level label="b"> <text>At least monthly, the State Treasurer shall credit accumulated income to each authorized participant’s account.</text> </level> <level label="c"> <level label="1"> <text>The State Treasurer shall provide to each authorized participant a monthly report of the changes in investments made during the preceding month.</text> </level> <level label="2"> <text>On request, the State Treasurer shall provide a detailed report of any transaction relating to an investment of an authorized participant.</text> </level> </level> <level label="d"> <text>On request, the State Treasurer shall pay from the Pool the principal and credited income of an account maintained for an authorized participant if the request conforms to the terms of the deposit.</text> </level> <level label="e"> <level label="1"> <text>The State Treasurer may not make a payment from an account of an authorized participant in an amount that exceeds the total amount of money in the account.</text> </level> <level label="2"> <text>The payee shall refund any excess amount paid.</text> </level> </level> </section> <section article="glg" article_name="Local Government" number="17-312" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <text>There is a Montgomery County Investment Pool.</text> </section> <section article="glg" article_name="Local Government" number="17-313" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <level label="a"> <text>The Montgomery County Investment Pool consists of money deposited in the Pool for investment purposes by:</text> <level label="1"> <text>Montgomery County;</text> </level> <level label="2"> <text>other local governments; and</text> </level> <level label="3"> <text>public and nonprofit entities.</text> </level> </level> <level label="b"> <text>The Montgomery County Investment Pool may not accept money from an entity that was not a participant in the Pool on July 1, 1996.</text> </level> </section> <section article="glg" article_name="Local Government" number="17-314" title_number="17" title_name="Investment by Local Government" subtitle_number="3" subtitle_name="Investment Pools"> <text>The Montgomery County Investment Pool shall be:</text> <level label="1"> <text>administered by the Montgomery County Director of Finance; and</text> </level> <level label="2"> <text>managed in accordance with the local investment policy adopted by Montgomery County under § 17–205 of this title.</text> </level> </section>